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Online clothing retailer ThredUP has filed confidentially for an initial public offering IPO in the U.S
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., Bloomberg reports.The company, based in Oakland, California, is one of the growing numbers of eCommerce sites trafficking in used goods, competing with old stalwarts like Salvati
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on Army Thrift Stores. Despite concerns in the market about the COVID-19 pandemic affecting purchases of used clothes, ThredUp says it added customers this year, Bloomberg writes.The digital resale market is poised to spike in growth by 27 percent this year with around $9 billion total by the end of the year. And Bloomberg says that by 2024, the market could continue to grow and quadruple in value.Another used clothing retailer, Poshmark, also recently filed for IPO, after delaying that move for around a year to focus on growing sales and boosting its business.ThredUP submitted its statement to the U.S. Securities and Exchanges Commission SEC . The listing is targeted for next year, Bloomberg writes, and the company could raise between $200 million and $300 million. Goldman Sachs is an investor in the company and has advised it on its proposed listing.The company raised $175 million in 2019, raking in invest
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ments from both new and existing contributors including Park West Asset Management聽and聽Irving Investors. The company value was $670 million after that, according to PitchBook stats.The pandemic has been something of a wellspring for reCommerce, meaning second-hand sales. Thre Zwav Carahsoft, Coupa Partner on Spend Management for the Public Sector
Financial management is mission-critical to the health and vitality of small business SMB , but it also one of the most difficult tasks for entrepreneurs and business owners that may have the skills to launch new products or services, but lack the accounting expertise to handle the numbers.Bookkeeping is at the core of many essential p
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rocesses in the back office: tax filing, working capital management and access to fi
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nancing, to name a few. Yet, without a solid understanding of underlying data, business owners will struggle to move forward.Felix Rodriguez, founder and CEO of small business accounting and financial management startup Back Office, spoke with PYMNTS about some of the core functions of financial management that can crumble under the weight of accounting challenges.Whether it to get a loan or an investor, or simply to know how well a business is doing, it mission-critical to know your numbers, he stated.Today, some of the largest finance-related burdens on SMB owners are things like filing taxes, which Rodriguez noted has been made even more complex, thanks to changing tax regulations and the complexities of categorizing expenses properly.In the case of accessing capital, the Federal Reserve 8216 latest analysis has suggested that
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small business demand for financing in the U.S. is on the rise, as companies look to build revenue and boost hiring. Rodriguez said that understanding financial health is an important part of dev