In November last year, we launched the Spaceship Earth Portfolio.
The portfolio holds companies that have a positive impact on people and the planet — in areas such as climate change, inequality, and poverty — by contributing towards the advancement of the UN Sustainable Development Goals (SDG).
A few weeks ago, we bought a new company for the Spaceship Earth Portfolio, marking the first new addition since launch. Today, it’s time to discuss what we bought and why.
Poshmark
Poshmark is a leading social marketplace where users can buy and sell new and secondhand clothes, shoes, accessories, and homewares. Even stuff for pets!
It has 70 million users across the United States, Canada, and Australia. Impressively, Poshmark sees one sale every second in the United States.
We believe Poshmark contributes to Goal 12 (Responsible Consumption and Production) of the UN Sustainable Development Goals agenda because, by encouraging its users to buy secondhand rather than new, the company helps to promote a circular economy.
The resale market is seeing strong growth. In fact, it is predicted to hit US$36 billion by 2024. Given Poshmark already owns 20% of the US resale market there is still a lot of opportunity for growth. Plus, Poshmark is expanding; the company recently launched its app in Australia.
While it does face some risk due to competitors such as Facebook Marketplace and Depop, the company has achieved profitability.
The Spaceship Earth Portfolio invests in Poshmark at the time of writing.
Important! We’re sharing with you our thoughts on the companies in which Spaceship Voyager invests for your informational purposes only. We think it’s important (and interesting!) to let you know what’s happening with Spaceship Voyager’s investments. However, we are not making recommendations to buy or sell holdings in a specific company. Past performance isn’t a reliable indicator or guarantee of future performance.
