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Mayfield, Menlo Ventures and GGV Capital are the three VC firms who were first to back Poshmark and now hold the biggest stakes.
Poshmark had a spectacular debut as a public company Thursday. Its share price soared 150% to $97.50/share, so their stakes are worth between $500 million and $1.7 billion apiece, and collectively over $3 billion.
They first heard the idea for Poshmark through breakfast at a Cupertino chain restaurant, attending a community center fashion show, and belonging to an Indian American social club.
Three of Poshmark s top VCs tell Insider about the first pitch, and what impressed them.
Relationship: Investor
Headquarters: Cerritos, CA
What it does: Provides a platform for enterprises to conduct internal audits and make sure they re in compliance with government regulations.
Why it will boom in 2021: The platform is already widely used by financial firms to ensure they re compliant with federal laws, Sosin said, adding that AuditBoard is growing extremely quickly and efficiently.
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Nina Achadjian, Index Ventures
Index Ventures
VC: Nina Achadjian, Index Ventures
Relationship: No relation, Achadjian just thinks Benchling is cool. She s previously written about Benchling on her blog.
Total funding raised: $111.8 million
Headquarters: San Francisco
What it does: Research and development cloud services for pharma companies.
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We asked investors at top venture capital firms to name the startups that will boom in 2021.
Each VC was asked to name two startups: one that they invested in; and one where they have no financial ties or any other interest, but believe will do well.
The result is an exciting list of startups to watch in the coming year in a wide variety of fields like consumer products, cybersecurity, ecommerce, fintech, and telehealth.
Whether you are looking for a startup to join as an employee, or looking out for tech trends, this list is the best way to know what s hot among Silicon Valley s startup experts: venture capitalists.
The big story: FTC and 48 state AGs sue Facebook
They’re separate suits, although the two groups coordinated their investigations. Both suits claim that Facebook has behaved illegally when it acquired Instagram and WhatsApp, and that it used its monopoly power to suppress competition. The FTC suit also calls for Instagram and WhatsApp to be split off from the company.
In response, Facebook tweeted, “Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day.”