Shedd
01/20
01/20Cover
Curated secondhand apparel at scale — consumer resale marketplace

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
02/20Market 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.

$393B
Projected global resale market by 2030
ThredUp 2026 Resale Report
$78.8B
U.S. secondhand apparel by 2030
7.3% CAGR · 2025–2030
Faster than overall apparel market
Global, ~9% CAGR
13%
U.S. resale growth in 2025
≈4× broader retail (3.6%)
U.S. secondhand apparel market ($B)
+192% · 2020→2030
International proof point

Europe's resale ecosystem — led by Vinted at scale — demonstrates what mature recommerce infrastructure becomes when supply, logistics, and consumer behavior converge. The U.S. is on the same curve, with the operating layer still unbuilt.

03/20Demand Side
The Demand Side

Secondhand is becoming the default.

Younger consumers are no longer treating resale as an alternative — they're treating it as a normal way to shop.

$48.3B
U.S. online resale market by 2030.
Up from $29.7B in 2025. Source: GlobalData / ThredUp 2026
64%
Of future resale growth comes from new shoppers.
Consumers entering resale for the first time.
71%
Of resale growth driven by Gen Z and Millennials.
Gen Z: 40% · Millennials: 31%
Share of resale growth by cohort
ThredUp 2026 · U.S.
40%
31%
18%
11%
Gen Z · 40%
Resale-first. Social-commerce native.
Millennials · 31%
Value-driven. Brand-fluent.
Gen X · 18%
Sustainability-aware switchers.
Boomers · 11%
Long-tail adopters.
04/20Why This Isn't a Trend
Why This Isn't a Trend

Resale is becoming
default commerce behavior.

This is a structural shift, not a fashion cycle. Five independent forces — economic, generational, technological, environmental, and commercial — are converging on the same outcome at the same time.

Macro drivers
01
Value consciousness

Persistent inflation and household budget pressure have made price-per-wear a default purchase filter — not a recession-only behavior.

02
Sustainability is baseline

Circularity has moved from values-driven niche to expected consumer norm. Resale is the most accessible expression of it.

03
Gen Z normalization

The generation entering peak earning years grew up secondhand-first. Resale is not a discovery — it is their starting point.

04
Social commerce maturity

TikTok, live shopping and creator-led discovery have rewired how product gets sold. Secondhand fits this format natively.

05
AI removes resale labor

The thing that historically capped resale — manual listing — is being automated away. Supply scales as friction collapses.

Retail validation

Retail is entering recommerce because consumer behavior already changed. Major brands are not testing resale — they are absorbing it into core commerce.

Lululemon
Owned resale program
Patagonia
Owned resale program
Levi's
Owned resale program
Zara
Owned resale program
Nike
Owned resale program
REI
Owned resale program
Carhartt
Owned resale program
When the brands selling new product start selling used product, the behavior has already won.
05/20Problem
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.

06/20Existing 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.
07/20Why 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, 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.

08/20Competitive Landscape
Competitive Landscape

The market grew.
The infrastructure never did.

Every existing platform built a piece of the consumer experience. None built the operational layer underneath. The comparison below is not a positioning claim — it is the structural gap that defines the category.

PlatformDemandIntakeFulfillmentLogisticsAI AutomationBuyout / LiquidityCentralized Infra
eBay
Whatnot
Facebook Marketplace
Vinted
ThredUp
Fleek
TVF + Shedd
Operating layer + consumer doorway
Built at scale Partial Absent
Most resale platforms built demand first. TVF spent a decade building the operational layer underneath it.
09/20The 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, buying weekly
100,000+
Customers in eco-system
Cumulative reach across the ecosystem
2M+
Units processed annually
Intake, graded and routed through the network every year
Decades of operational compounding
1940s

Generational sourcing roots

Three generations of sourcing relationships with sorters, recyclers and bin operators across the U.S. and abroad.

1990s

Standardized intake

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

2000s

Warehousing

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

2010s

Reseller network

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

2020

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.
B2B + D2C, one network
TVF remains the infrastructure backbone serving both wholesale resale buyers and the emerging consumer resale economy. TVF = infrastructure layer. Shedd = consumer-facing access layer.
10/20Operational Proof
Thrift Vintage Fashion
Today’s Business · TVF
ESTABLISHED 2010 · THRIFT VINTAGE FASHION

A proven operating machine.

Thriftvintagefashion.com is a vertically-integrated reseller of curated secondhand apparel — sourcing, grading, and shipping pre-owned clothing to consumers and wholesale buyers in 63 countries. Profitable, founder-owned, and funding Shedd's infrastructure expansion from operating cash flow.

A note on growth shape

TVF optimized for operational durability, sourcing depth, and infrastructure development — not venture-scale marketing spend. For the past decade, the business focused on building sourcing relationships, processing systems, fulfillment standards, and reseller infrastructure before opening the network to consumers. Shedd is the demand-side unlock on top of an asset that was deliberately built to be ready.

What we do

We source, sort, grade, and distribute secondhand apparel at scale, across 100+ product categories. Inventory is sourced through major textile recyclers, then sold to DTC customers, online resellers, and bulk wholesale buyers through our own private reseller network. Average order value is $315 with a 25% repeat customer rate.

How we do it

Our warehouse pipeline turns incoming secondhand apparel into curated resale-ready mixes at scale. We source, sort, grade, categorize, and pack inventory into proven product bundles that resellers and bulk buyers can purchase without doing the sourcing themselves. This operating system powers TVF today and gives Shedd a real-world resale infrastructure advantage.

Operational pipeline · how a unit moves through TVF
01Source
02Intake
03Grade
04Bundle
05Fulfill
06Reseller
Trailing 12 months
$2.3M
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
11/20The Evolution
The Evolution
The same networkShedd

Snap it. Shedd it. Guaranteed sale.

Shedd is what happens when a decade-old resale operating network opens its front door to consumers. AI-powered listing, 24-hour auctions and a guaranteed sale on every item — all flowing through the same TVF intake, grading and fulfillment spine.

A single, continuous flow
01
Snap & upload

Photograph adult clothing, shoes and accessories from the Shedd app — front + tag photo per item. AI takes it from there.

02
Smart listing

AI evaluates each item, autofills details and splits inventory: high-value goes to individual auction, lower-value bundles into category lots.

03
24-hour auction

Every listing launches at $5 to maximize bidders, competition and final sale price. Auctions run 24 hours.

04
Shedd Kit ships in

Seller packs with their own materials or orders a $5 Shedd Kit — pre-fit mailer, tape and prepaid UPS label included. Drop off or schedule $8 pickup.

05
Guaranteed sale

If no bids land in 24 hours, Shedd buys the item at the starting price. Every item sells. Seller gets paid either way.

06
We absorb the rest

Unsold items flow into TVF's wholesale network — bundled and routed to bulk buyers so inventory never sits.

12/20Why This Wins
Why This Wins

The first marketplace
that guarantees the sale.

No platform on the market today guarantees a seller gets paid. eBay, Poshmark, Mercari, Depop — every one of them leaves the item sitting until someone bites. Shedd is the first to combine P2P speed with an operator-grade guarantee: list in minutes, paid in 24 hours, every time. TVF's wholesale absorption network is the moat no consumer marketplace can replicate.

Why centralized wins
01
Seamless to start

Snap a few photos from the phone. No pricing, no copywriting, no shipping research — the seller's job ends at upload.

02
AI does the listing

Pricing, grading and categorization run on a decade of TVF resale data. First-time sellers get expert-level listings instantly.

03
$5 auctions create demand

Every item starts at $5 to maximize bidders and competition — the same price point our reseller base already buys at every day.

04
Shedd Kit removes friction

Pre-fit mailer, tape and prepaid UPS label arrive at the door. Drop off free or schedule an $8 pickup. Zero packaging decisions.

05
Guaranteed sale, every time

If no bids land in 24 hours, TVF buys the item at the starting price. The seller is paid either way — no relisting, no waiting, no risk.

06
TVF absorbs the long tail

Unsold inventory flows into the existing wholesale and reseller network — the back-end demand outlet no other marketplace owns.

07
P2P speed, operator backbone

The front feels as fast as posting to a friend. The back runs on the same intake, grading and fulfillment spine TVF has run for a decade.

Network topology
P2P only

Fast to post, but every seller is on their own — pricing, shipping, customer service, and no guarantee anything sells.

Shedd

Every item is listed with AI — photos, descriptions, pricing, titles — and backed by TVF's buyout guarantee if it doesn't sell.

Easy enough for a first-time seller.
Guaranteed by an operator that's done it for a decade.
13/20How This Scales
How This Scales

How the network
compounds.

Supply, infrastructure, and demand are not three businesses — they are three sides of one network. Each side reinforces the next. Throughput grows non-linearly as the loop tightens.

Supply
Inputs

Inventory at the source.

Diversified inputs the rest of the market cannot access at price.

  • Households
  • Textile recyclers
  • Estates
  • Thrift overflow
  • Overseas containers
  • TVF sourcing network
  • Future retail resale partners
Infrastructure
The moat

The operating layer.

The physical and software spine no consumer marketplace owns.

  • Centralized intake
  • Grading + categorization
  • AI pricing engine
  • Routing + bundling
  • Fulfillment + returns
  • Fraud + trust systems
Demand
Inputs

Distribution channels.

A buyer mesh — consumer, wholesale, social — absorbing throughput.

  • Shedd consumer buyers
  • B2B reseller network
  • TikTok / live sellers
  • Shopify resale stores
  • Whatnot sellers
  • Independent vintage stores
  • Resale retailers
The compounding loop
More supply more buyers better liquidity more sellers higher throughput.

Every additional unit through the network lowers per-unit cost, improves sell-through, and increases the value of every existing relationship — the definition of an infrastructure business.

14/20Operational Intelligence
Operational Intelligence

AI automates
the operational layer.

This is not a chat product. It is logistics intelligence applied to secondhand inventory — the listing, pricing, routing, fraud and merchandising work that historically required a human at every step. AI is what makes the operating layer scale.

01

Auto-listing

Vision models turn a pile of phone photos into complete, accurate listings — brand, category, condition, measurements, title, description — with no seller input.

02

Pricing engine

Real-time benchmarks from millions of resale comparables, tuned on a decade of TVF sell-through data. Every item starts at the right floor automatically.

03

Fraud + trust

Image, identity and behavior signals flag risk at intake — before an item enters the network, not after a buyer complains.

04

Routing + intake

Items are graded, classified and routed across the physical network based on velocity, channel demand and reseller demand — not by hand.

05

Sell-through prediction

Predictive models decide which channel, which buyer pool and which price point maximize liquidity per unit. Inventory turns instead of sitting.

06

Multi-channel publishing

One intake event publishes the optimized listing across consumer, wholesale and reseller channels — and pulls it back the moment it sells.

The work that used to cap resale supply — manual listing, manual pricing, manual routing — is becoming software. The network scales accordingly.
15/20The Physical Network
The Physical Network

Miami hub already
running today.

One central facility in Miami with an experienced team and a fully operational setup. The same docks, the same crew and the same systems that move TVF's wholesale volume today now open a consumer intake lane — same rails, new doorway. Additional hubs follow demand, not the other way around.

Already operating

Miami facility runs at TVF wholesale throughput — day one, not day 100.

Experienced team

The same crew that grades and ships wholesale lots handles every consumer item.

One standard

A single processing spec under one roof — not 40,000 different bedrooms.

Built to expand

Proven playbook ready to replicate into additional regional hubs as volume earns them.

TVF Miami distribution facility
MIAMI · OPERATIONAL
16/20National 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
17/20Capital Round
National Rollout Round

Scaling the future of resale.

Round size
$3.0M
Structure
Growth equity
Use
National Shedd rollout
Status
Operating · profitable
Capital Allocation
01
Consumer growth & UGC engine
28%
$840K
02
Product & AI systems
22%
$660K
03
Operations & fulfillment
18%
$540K
04
Liquidity & seller incentives
14%
$420K
05
Leadership & key hires
10%
$300K
06
Regional expansion
8%
$240K
Total deployment100% · $3.0M
18/20Long-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
19/20Founder
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.
20/20Closing
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
Strategic conversations underway across commerce, logistics, marketplaces, and retail.