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Fully backed-up R&D center for ThredUP

Setting Up an R&D Center for ThredUP

ThredUP is the world's largest consignment store backed by world-class investors. The company was founded in 2009 with the Head Office in Oakland, California. Today it owns an online resale platform for second-hand clothing and employs around 1,400 people who inspire global consumers to think “secondhand first”.

ISSUE:

ThredUP decided to advance its business capabilities by building their own research and development center in Kyiv. The software development teams in Ukraine and the USA were going to work on different parts of the same product. Therefore, the company was seeking both a cost-effective and transparent business structure to work easily with Ukrainian programmers, organize HR payroll, and receive US visas for the team members.

SOLUTION:

Alcor provided ThredUP with comprehensive assistance in building a full-fledged R&D office in Ukraine. Our recruiters, researchers, accountants, lawyers, and an account manager took an active part in the launch of this project.

Firstly, we provided the client with a beneficial model for doing business in Ukraine. Our legal department navigated ThredUP in an unfamiliar business environment, took part in the lease negotiations, and accompanied them through all the steps of R&D center establishment.

After that, we took care of the IT recruitment. Our headhunters handled sourcing, screening, interviewing, counter-offers, and onboarding. All in all, we hired some exceptional local talents that were a perfect fit for the company.

Alcor also ensured uninterrupted payroll and accounting for the company’s offshore development team. ThredUP received complete operational comfort for running a business in Ukraine, as we handled all the transactions, accounts, and documentation.

RESULTS:

TOP-NOTCH IT RECRUITMENT

Within the first weeks of our cooperation, Alcor attracted the best tech talents. For example, we hired a Senior Full Stack Engineer with rare C++, C#, .Net, and TCP/IP skills in just 2 weeks. It turned out that this developer was one of few specialists of this kind in the Ukrainian market. We also filled the positions of ML specialist, Java developer, and .Net Warehouse developer. In total, the ThredUP team in Ukraine grew to 47 people during our collaboration.

STOCK OPTIONS ASSISTANCE

ThredUP uses stock options as one of the benefits for the most committed employees. The company praised the entire Kyiv team with stock options, including all the developers we hired. In our turn, we systematically organize workshops and consultations for the ThredUP team in Ukraine since stock option implementation is uncommon there.

SMOOTH HR PAYROLL

With our services, the client doesn’t need to worry about salary processing, bookkeeping, and tax planning. Our team tackles all the accounting work, makes on-time payments, and presents summary reports or analytical information on request.

BUSINESS NAVIGATION AND TRAVEL SUPPORT

Alcor structured all the company's activities in Ukraine and ensured full compliance with American and local law. We were also requested to take care of the legalization of foreigners in Ukraine and provide visa and business travel consultations for several employees. In December 2021, our team prepared a Contingency Plan for the company in the shortest term that exceeded client expectations.

100% TRANSPARENT BUSINESS STRUCTURE

ThredUP reaped numerous benefits from cooperation with our team, enjoying the fruitful work of talented software engineers and receiving our comprehensive support. In 2021, the company successfully entered the IPO market and stole the show by raising $168 million in funding. With access to the Stock Exchange, the client has demonstrated the reliability and transparency of the Alcor Model.

Our team is sincerely happy to see our client growing and keeps working to help them reach new milestones!

We also recommend checking another case study with Dotmatics here to see how Alcor delivered Wow service and hired excellent IT professionals.

We respect your privacy and will never share your data with any third party or spam you

CONTACT US

We will answer you on any question.

We respect your privacy and will never share your data with any third party

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