Poshmark, Inc. Establishes $500,000 Grantmaking Fund to Empower Its Seller Community; Announces Inaugural Recipients

Rhea-AI Summary

Poshmark (NASDAQ: POSH) has launched the Heart & Hustle Community Fund to support its sellers, committing to distribute $500,000 in grants during 2021. The fund will award over 100 sellers quarterly, helping them grow their businesses amid economic uncertainty caused by the COVID-19 pandemic. Recipients of the inaugural Q1 grants, totaling 142, received $5,000 or $500 each. The initiative aims to empower diverse sellers by providing financial support, resources, and community networking, with applications for the next cycle opening on July 1, 2021.

Positive

• Commitment to distribute $500,000 in grants to sellers, enhancing community support.
• 142 sellers awarded Q1 grants, with a diverse age range and geographical representation.
• Provides resources and community networking to help sellers grow their businesses.

Negative

• None.

Poshmark's Heart & Hustle Community Fund to recognize and reward entrepreneurship

REDWOOD CITY, Calif., June 22, 2021 /PRNewswire/ -- Poshmark (Nasdaq: POSH), a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more, today announced the inaugural recipients of its Heart & Hustle Community Fund, a newly launched program that awards more than 100 sellers quarterly with the funds and fundamentals to grow their businesses. Poshmark has committed to distributing $500,000 in grants throughout 2021 to sellers who best demonstrate how they use heart and hustle to fuel their Poshmark business and achieve their goals — whether it is making extra money, growing their reach, or scaling their side hustle into something bigger.

"Since day one, our sellers have been the heart of the Poshmark community. Launching our Heart & Hustle Community Fund was an important next step in recognizing, rewarding and empowering our diverse seller community, especially amidst joblessness and economic uncertainty left in the wake of the COVID-19 pandemic," said Manish Chandra, Founder and CEO of Poshmark. "We are proud to support the resilient entrepreneurs who make up the vibrant Poshmark community and who every day demonstrate that heart and hustle go hand in hand."   

Sellers who applied for the Q1 grant cycle ranged in age from 18 to 70 and represented 40 U.S. states and eight Canadian provinces. A total of 142 Q1 recipients were awarded, totaling 12 $5,000 grants and 130 $500 grants. Eligible applications were scored based on the specificity of business goals, commitment to supporting fellow Poshmark users, how they intend to use the grant dollars and substance of their overall submission, including a personal video testimonial. Final winners were selected by Poshmark's Executive Advisory Council, including Poshmark founders Manish Chandra, Tracy Sun, Guatam Golwala, and Chetan Pungalia, and Poshmark's Head of Community, LyAnn Chhay.

Poshmark's Heart & Hustle Community Fund recipients represent a wide range of sellers — from a daughter balancing a full-time business while caring for her sick mother to a college student paying for tuition with Poshmark earnings, to an artisan expressing their creative talents selling handmade jewelry and face masks. Through Poshmark's Heart & Hustle Community Fund, these sellers are given an economic boost to help grow their businesses in a variety of ways, whether through investing in new inventory management systems, fulfilling the necessary steps to become an LLC, or paying for dedicated office and storage space to expand their operations.

In addition to economic support, Poshmark will offer various resources to help sellers uplevel their businesses. Each grantee will be invited to join a community network with other grant recipients and Poshmark's Community Development team to discuss their experiences, get advice, and share progress. They'll also receive exclusive access to talks, presentations, a toolkit resource curated for each cohort and they'll gain insight on upcoming Poshmark features.

The next round of applications for the summer (Q2) cohort will open on Jul. 1, 2021. To learn more about Poshmark's Heart & Hustle Community Fund, including eligibility requirements, visit https://poshmark.com/communityfund, and to learn more about the spring (Q1) winners, visit Poshmark's The Posh Life blog. 

About Poshmark
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of eCommerce, Poshmark makes buying and selling simple, social, and sustainable. Its community of more than 80 million registered users across the U.S., Canada, and Australia, is driving the future of commerce while promoting more sustainable consumption. For more information, please visit www.poshmark.com, and for company news and announcements, please visit investors.poshmark.com. You can also find Poshmark on Instagram, Facebook, Twitter, TikTok, Pinterest, YouTube, and Snapchat.

Media Contact
pr@poshmark.com

Investor Contact
ir@poshmark.com 

View original content:http://www.prnewswire.com/news-releases/poshmark-inc-establishes-500-000-grantmaking-fund-to-empower-its-seller-community-announces-inaugural-recipients-301317179.html

SOURCE Poshmark

FAQ

What is the Heart & Hustle Community Fund by Poshmark?

The Heart & Hustle Community Fund by Poshmark is a program that awards financial grants to sellers to support their business growth.

How much money is Poshmark distributing through the Community Fund?

Poshmark is distributing $500,000 in grants throughout 2021.

When does the next round of applications for Poshmark's Community Fund open?

The next round of applications opens on July 1, 2021.

How many sellers received grants in the Q1 cycle of 2021?

A total of 142 sellers were awarded grants in Q1 2021.

What types of grants are offered through Poshmark's Community Fund?

Grants range from $500 to $5,000 for sellers demonstrating business goals and community support.