Totspot
Totspot allows users to create a private website about their child and share it with a select audience.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
N/A | Acquisition | ||
| Total Funding | 000k | ||
Totspot operated as a peer-to-peer mobile marketplace focused on the children's fashion resale market. The company was founded in 2014 by Vijay Ramani and Vikrant Ramteke and was based in Mountain View, California. As a graduate of the 500 Startups accelerator program (Batch 9), the firm demonstrated early potential in the mobile commerce space.
The platform was designed for parents to buy and sell new and gently used children's clothing through an intuitive mobile app available on both iOS and Android. This addressed a common challenge for parents: managing the rapid turnover of clothing as children grow. Totspot's business model was based on a consignment structure, where the company took a 20% commission from the selling price of items listed on its platform. Listing products was free for users, and the app integrated features for shipping and payment processing to facilitate parent-to-parent transactions.
In October 2015, Totspot introduced a "Concierge" service, a full-service tool for parents who lacked the time to sell items themselves. Users could send their children's pre-owned clothing to a designated Totspot concierge who would handle the evaluation, listing, and sale of the items. Profits from sales were then shared between the item's original owner and the concierge. By May 2015, the platform had surpassed 100,000 active users. The company successfully raised a total of $4.3 million in funding over several rounds from investors including 500 Global, GGV Capital, and QueensBridge Venture Partners. In a strategic move, Totspot was acquired by Poshmark on July 1, 2016, marking its exit from the market as an independent entity.
Keywords: children's fashion marketplace, peer-to-peer commerce, mobile consignment, kids' clothing resale, parent-to-parent sales, second-hand apparel, Vijay Ramani, Vikrant Ramteke, Poshmark acquisition, 500 Startups, mobile marketplace, kids fashion app, online consignment, clothing resale app, children's apparel, used kids' clothes, e-commerce platform, social commerce, sustainable fashion, circular economy for kids