SheddPowered by TVF Infrastructure
01/16
01/16Cover
TVF warehouse interior

The Future of Resale
Starts Here.

Ten years ago, TVF built the operational backbone for moving secondhand inventory at industrial scale. Shedd now opens that infrastructure to every consumer in America.

Selling your stuff should feel easier than storing it.

Origin
TVF · est. 2015
A decade of national resale operations.
Evolution
Shedd · 2026
The same rails, now consumer-facing.
Round
2026 — Infrastructure Expansion
02/16Market Shift
The Market Shift

The secondhand economy
is exploding.

A structural reordering of how consumers buy, sell and reuse apparel — accelerated by social commerce, supply pressure and a generational shift toward circular consumption.

$350B
Projected global resale TAM by 2028
ThredUp 2024 Resale Report
2.7×
Growth vs. traditional retail
5-year CAGR
62%
Gen Z buying secondhand monthly
14M+
U.S. independent resellers
U.S. resale revenue ($B, indexed)
The dormant supply — value sitting in American homes
$7,000
Avg. unused items per U.S. household
Mercari Reuse Report
$36B
Value of unworn apparel in U.S. closets
ThredUp
1 in 5
Closet items never worn
82%
Consumers open to selling what they own
ThredUp 2024
03/16Problem
The Problem

Selling your stuff is still
harder than storing it.

The average American home holds thousands of dollars in items that never move. Demand for secondhand is at an all-time high — but the operating layer required to actually move it was never built.

01

Selling is exhausting

Photograph, list, message, negotiate, pack, ship, follow up — for every single item.

02

Fragmented fulfillment

Every seller invents their own packing, shipping and returns process from scratch.

03

Inconsistent trust

Buyers can't verify condition. Sellers can't verify payment. Both sides absorb the risk.

04

Shipping pain

Single-item parcels, mis-rated boxes, no carrier leverage for the individual seller.

05

Inventory chaos

Items pile up in closets, basements and storage units instead of moving into the economy.

06

No operating layer

Marketplaces own demand. Nobody owns the intake, processing and fulfillment underneath.

04/16Existing Market Failure
Existing Market Failure

Every existing model
leaves friction behind.

Resale demand has scaled. The experience of actually selling something has not. Each existing channel hands the operational burden back to the seller — and the trust burden back to the buyer.

01

Peer-to-peer marketplaces

Poshmark · Depop · eBay
  • Sellers manage every step alone
  • Inconsistent quality + grading
  • Fragmented fulfillment
  • Buyer trust earned per-seller
02

Local selling

Facebook · OfferUp · Craigslist
  • Hours of effort per item
  • No payment protection
  • Geographic limits on demand
  • Slow, unpredictable liquidity
03

Consignment

Local stores · Boutiques
  • Limited shelf space
  • Long wait for payouts
  • Inventory left in limbo
  • No national reach
04

Mail-in resale

ThredUp-style send-in bags
  • Most items rejected or trashed
  • Cents on the dollar payouts
  • Opaque pricing decisions
  • Seller burnout, low repeat use
The market grew. The operating model didn't. Selling secondhand is still harder than storing it.
05/16Why Platforms Break
Why Existing Platforms Break

Demand platforms scaled first.
The operating layer never did.

Every resale company over the last decade competed for the consumer's attention. Almost none built the physical and operational systems required to actually move inventory at scale. The gap is the opportunity.

Demand layer
BUILT

Marketplaces scaled the buyer side.

Apps, audiences, social commerce, search — billions of dollars went into capturing demand for secondhand goods.

Missing middle
BROKEN

Nobody built the operating layer.

Intake, grading, routing, fulfillment, fraud, returns — left to individual sellers, shop-by-shop, parcel-by-parcel.

Operational layer
OPEN

The unbuilt category sits here.

A centralized processing and fulfillment network that makes resale work the way modern logistics already work everywhere else.

The next decade of resale isn't won by another app —
it's won by the operating system underneath.

The companies that win consumer resale at national scale will be the ones who own intake, processing and fulfillment as a single network — not the ones who own a logo on a phone screen.

06/16The Origin Story
The Origin Story

Ten years quietly building
the network underneath.

While everyone else raced to launch another resale app, we spent a decade building the physical operating layer of secondhand commerce through TVF — sourcing, intake, grading, warehousing, fulfillment. The moat isn't a brand. It's the network.

40,000+
Resellers served
National buyer network
100,000+
Customers in ecosystem
Cumulative reach
3rd Gen
Generational operator
Secondhand since grandfather's era
50 states
National distribution
Coast-to-coast shipping
A decade of operational compounding
2015

Sourcing roots

Built sourcing relationships with sorters, recyclers and bin operators across the U.S. and abroad.

2017

Standardized intake

Industrial-volume intake — every day, every category — with repeatable grading and sizing specs.

2019

Warehousing

Dedicated processing and storage facilities purpose-built for resale flow-through.

2021

Reseller network

A national base of 40,000+ resellers buying on repeat from the same operating standard.

2023

Fulfillment at scale

Pack, ship and return logic running profitably across all 50 states.

2025

Shedd-ready

The network is the platform — and the consumer side is ready to open.

Every step was infrastructure. None of it was wasted. All of it is what Shedd is built on.
07/16Operational Proof
Thrift Vintage Fashion
Today’s Business · TVF
EST. 2014 · THRIFT VINTAGE FASHION

A proven operating machine.

Profitable and scaling — moving inventory through a standardized industrial pipeline that already funds infrastructure expansion from operating cash flow. The same spine now powers Shedd.

Operational pipeline
01Source
02Intake
03Grade
04Bundle
05Fulfill
06Reseller
Trailing 12 months
$3.5M
Annual revenue
$315
Avg order value
7,082
Orders / yr
25%
Repeat customers
4,933
Unique customers / yr
Lifetime to date · Since 2020
$15.2M
Lifetime revenue
45,950
Lifetime orders
28,322
Lifetime customers
63
Countries shipped to
50+
States / provinces
REVENUE BY YEAR · 2020–2025
Profitable through every cycle
$0.95M
2020
$2.09M
2021
$2.89M
2022
$3.1M
2023
$3.3M
2024
$3.5M
2025
08/16The Evolution
The Evolution
The same networkShedd

Snap it. Shedd it. Get paid.

Shedd is what happens when a decade-old resale operating network opens its front door to consumers. Same intake. Same fulfillment. Same trust standard — now available to every household in America.

A single, continuous flow
01
Snap

Photograph items in seconds from the Shedd app.

02
AI values

The network recognizes, prices and routes each item instantly.

03
Ship in

Pre-paid, standardized shipping. One label. One box.

04
We process

Intake, grading and prep run through the same operating spine.

05
Listed

Items published across channels with optimized pricing.

06
We fulfill

Centralized pack and ship with trusted buyer experience.

07
Seller paid

Payout the moment the item sells. No follow-up. No hassle.

MODE 01 · P2P
Self-list
Resellers & power sellers

List, price and ship on their own — Shedd provides the marketplace, AI pricing, buyer trust and payment rails. Standard take rate.

MODE 02 · CONCIERGE
We do it for you
Everyday households

Don't know what it's worth? Don't want to deal with it? Snap it, ship it in — our network handles intake, grading, listing, fulfillment and returns end-to-end. Slightly higher fee. Zero work.

One platform · two modes · same operating spine
09/16Why This Wins
Why This Wins

Fragmented resale
becomes a single operating standard.

The unlock isn't another app on a phone — it's consolidating the operating layer that every marketplace has been outsourcing to individual sellers. We already run that layer at scale.

Why centralized wins
01
Trusted fulfillment

Every order ships from one consistent operating standard — not 40,000 different bedrooms.

02
Standardized shipping

Negotiated carrier rates and unified packaging that no individual seller can access.

03
Buyer confidence

Items graded, photographed and described to a single, repeatable specification.

04
Fraud reduction

Centralized intake removes the surface area where peer-to-peer fraud lives.

05
AI-assisted processing

Pricing, categorization and routing applied uniformly across every item.

06
Operational efficiency

Batched intake and shared infrastructure compress unit cost as volume grows.

07
Faster liquidity

Sellers paid on sale, not after weeks of self-managed listings and chat threads.

Network topology
Peer-to-peer

Every seller is their own warehouse, grader, photographer, carrier and customer service desk.

Centralized

Items flow into one operating hub. Trust, speed and unit economics improve with every shipment processed.

The fragmented model can't be fixed.
It has to be replaced.
10/16AI Inside the Network
AI Inside the Network

AI runs the operating
layer — not the pitch.

We're not an AI startup. We're a logistics and processing network where AI does the unglamorous work — pricing, recognition, routing, fraud — applied to every item the moment it enters the network.

01

Pricing

Real-time price benchmarks from millions of resale comparables — applied at intake, not after the fact.

02

Item recognition

Computer vision identifies brand, category, condition and sizing the moment an item enters the network.

03

Fraud detection

Pattern recognition across submissions catches counterfeit and misrepresented inventory before it lists.

04

Routing

Each item routed to the optimal facility, channel and price point based on real demand signals.

05

Inventory optimization

Rotate stock across the network — promote, re-price or move to liquidation automatically.

06

Sell-through prediction

Forecast velocity per item so sellers get paid faster and capital doesn't sit on a shelf.

The moat is a decade of operations and logistics. AI is what lets that moat process millions of consumer items without breaking.
11/16The Physical Network
The Physical Network

Regional hubs already
running today.

Our existing facilities anchor the network. The same docks, the same teams and the same systems that move wholesale volume today now open a consumer intake lane — same rails, new doorway.

Already operating

Wholesale throughput underwrites every facility — day one, not day 100.

Consumer lane

Standardized intake from the Shedd app flows through the same hubs.

One standard

A single processing spec across the country — not 40,000 different bedrooms.

Network economics

Coverage, speed and shipping leverage no individual seller can replicate.

TVF distribution facility
12/16National Footprint
A National Footprint, Already

Customers in every
U.S. state.

35,266 U.S. orders shipped across all 50 states + DC since 2020. The same customer and reseller relationships become the consumer launch footprint — no cold start.

Fewer orders
More orders
Top states by orders
  1. 01California
    4,320
    $1.45M
  2. 02Texas
    3,515
    $832k
  3. 03Florida
    2,272
    $567k
  4. 04New York
    2,078
    $467k
  5. 05North Carolina
    1,329
    $309k
  6. 06Pennsylvania
    1,283
    $303k
  7. 07Georgia
    1,232
    $277k
  8. 08Illinois
    1,174
    $248k
35,266
Total US orders
$8.7M
US revenue
13/16Capital Round
Infrastructure Expansion Round

Raising $3M to open the network to every consumer in America.

Capital deployed against physical operating capacity, processing throughput and the consumer-facing rollout — extending a profitable ten-year network, not building one from scratch.

Round size
$3.0M
Structure
Growth equity
Use
Shedd rollout · ops scaling
Status
Operating · profitable
Capital Allocation
01
Warehouse & intake capacity
32%
02
Fulfillment backbone
20%
03
Consumer rollout
16%
04
AI & operating systems
14%
05
Operational leadership
10%
06
Inventory & sourcing
8%
Total deployment100% · $3.0M
Capital Unlocks
01
Consumer scale

Shedd intake live across regional hubs.

02
Unit economics

Lower fulfillment cost per order with volume.

03
Reseller capacity

Expanded supply for the buyer network.

04
Regional reach

New U.S. processing and intake nodes.

05
Liquidity

Sellers paid faster, items moved faster.

06
Operating leverage

Compounding margin on shared infrastructure.

14/16Long-Term Vision
Long-Term Vision

The resale operating system
for the secondhand economy.

One company, one operational spine, one continuous arc — from the network we've been quietly running for a decade, to the consumer doorway opening as Shedd, to the default operating system underneath every resale channel.

01Built

A decade of operations

A national processing and fulfillment network already running at industrial scale for tens of thousands of resellers — profitable, repeatable, real.

  • Sourcing relationships
  • Standardized intake
  • National fulfillment
02Opening

The consumer doorway

Shedd brings every household into the same operating network — one app, one box, one payout — without changing what runs underneath.

  • Snap. Shedd. Get paid.
  • AI-assisted intake
  • Trusted fulfillment
03Next

The resale operating system

The default processing, pricing and fulfillment layer for the entire secondhand economy — across every channel that moves a used item.

  • AI intake network
  • Logistics layer for secondhand commerce
  • Modern resale OS
15/16Founder
Founder

Built the network first.
Opened the doorway second.

Ryan Frankel, Founder of TVF
TVF / FounderEst. 2015
Operator · Builder
Warehouse-floor origin
Founder & CEO
Ryan Frankel

Spent a decade building one of the largest independent resale processing networks in the United States — sourcing, grading and fulfilling at industrial scale for tens of thousands of resellers. Shedd isn't a pivot. It's what that network was always going to become.

01
15+ Yrs
Operating resale infrastructure
02
40,000+
Reseller relationships
03
International
Sourcing + fulfillment network
04
10K+
Orders processed annually
— Operator note
You can't bolt logistics onto a marketplace.
You have to build the network first.
16/16Closing
Aerial distribution complex

The Future of Resale
Starts Here.

Built on a decade of operational infrastructure, Shedd makes selling secondhand dramatically simpler, faster and more trusted.

Infrastructure
Powered by TVF Infrastructure
Round
$3M — Infrastructure Expansion
Document
2026 — Investor Memorandum