ThredUp Inc. investors affiliated with Highland Capital Partners and director Daniel Nova filed Amendment No. 4 to Schedule 13G reporting their beneficial ownership of ThredUp’s Class A common stock (measured on an as-converted basis from Class B shares).
Highland Management Partners VIII and related Highland VIII funds report shared voting and dispositive power over 4,933,717 shares, representing 4.4% of the Class A common stock on an as-converted basis. Across multiple Highland VII funds, Highland Management Partners VII entities report shared power over 2,656,621 shares, or 2.4%. Daniel Nova reports beneficial ownership of 8,154,331 shares in total, or 7.3%, including 563,993 Class A shares held directly and through related entities and 7,590,338 Class B shares held by the Highland funds, all calculated using 104,273,162 Class A shares outstanding as of October 27, 2025 plus the Highland-held Class B shares on a one-for-one conversion basis.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
ThredUp Inc.
(Name of Issuer)
Class A Common Stock, $0.0001 par value per share
(Title of Class of Securities)
88556E102
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Management Partners VIII Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,933,717.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,933,717.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,933,717.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock (as defined in Item 2(d) of the Original Schedule 13G (as defined below)), which are held of record by Highland VIII, Highland VIII-B and Highland VIII-C (each as defined in Item 2(a) of the Original Schedule 13G). HMP VIII Ltd (as defined in Item 2(a) of the Original Schedule 13G) is the sole general partner of HMP VIII LP (as defined in Item 2(a) of the Original Schedule 13G), which is the sole general partner of each of Highland VIII, Highland VIII-B and Highland VIII-C. Each of HMP VIII Ltd and HMP VIII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the directors of HMP VIII Ltd and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q for the quarter ended September 30, 2025, filed with the United States Securities and Exchange Commission on November 3, 2025 (the "Form 10-Q"), plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons (as defined in Item 2(a) of the Original Schedule 13G) and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Management Partners VIII Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,933,717.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,933,717.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,933,717.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VIII, Highland VIII-B and Highland VIII-C. HMP VIII Ltd is the sole general partner of HMP VIII LP, which is the sole general partner of each of Highland VIII, Highland VIII-B and Highland VIII-C. Each of HMP VIII Ltd and HMP VIII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the directors of HMP VIII Ltd and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VIII Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,580,027.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,580,027.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,580,027.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VIII. HMP VIII Ltd is the sole general partner of HMP VIII LP, which is the general partner of Highland VIII. Each of HMP VIII Ltd and HMP VIII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the directors of HMP VIII Ltd and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VIII-B Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
55,504.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
55,504.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
55,504.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VIII-B. HMP VIII Ltd is the sole general partner of HMP VIII LP, which is the general partner of Highland VIII-B. Each of HMP VIII Ltd and HMP VIII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the directors of HMP VIII Ltd and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VIII-C Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,298,186.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,298,186.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,298,186.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.2 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VIII-C. HMP VIII Ltd is the sole general partner of HMP VIII LP, which is the general partner of Highland VIII-C. Each of HMP VIII Ltd and HMP VIII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the directors of HMP VIII Ltd and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Management Partners VII, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,656,621.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,656,621.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,656,621.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VII, Highland VII-B, Highland VII-C and HEF VII (each as defined in Item 2(a) of the Original Schedule 13G). HMP VII LLC (as defined in Item 2(a) of the Original Schedule 13G) is the sole general partner of HMP VII LP (as defined in Item 2(a) of the Original Schedule 13G), which is the sole general partner of each of Highland VII, Highland VII-B, Highland VII-C and HEF VII. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Management Partners VII Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,656,621.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,656,621.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,656,621.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VII, Highland VII-B, Highland VII-C and HEF VII. HMP VII LLC is the sole general partner of HMP VII LP, which is the sole general partner of each of Highland VII, Highland VII-B, Highland VII-C and HEF VII. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VII Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,633,061.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,633,061.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,633,061.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
1.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VII. HMP VII LLC is the sole general partner of HMP VII LP, which is the general partner of Highland VII. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VII-B Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
395,723.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
395,723.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
395,723.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VII-B. HMP VII LLC is the sole general partner of HMP VII LP, which is the general partner of Highland VII-B. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Capital Partners VII-C Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
576,297.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
576,297.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
576,297.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.5 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by Highland VII-C. HMP VII LLC is the sole general partner of HMP VII LP, which is the general partner of Highland VII-C. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Highland Entrepreneurs' Fund VII Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
51,540.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
51,540.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
51,540.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: (1) All such securities are Class B Common Stock, which are held of record by HEF VII. HMP VII LLC is the sole general partner of HMP VII LP, which is the general partner of HEF VII. Each of HMP VII LLC and HMP VII LP may be deemed to have voting, investment and dispositive power with respect to these securities. Robert Davis, Daniel Nova (a member of the Issuer's board of directors), Paul Maeder and Corey Mulloy are the managing members of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(2) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
CUSIP No.
88556E102
1
Names of Reporting Persons
Daniel Nova
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
563,993.00
6
Shared Voting Power
7,590,338.00
7
Sole Dispositive Power
563,993.00
8
Shared Dispositive Power
7,590,338.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,154,331.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) Represents 188,173 shares held of record by Mr. Nova, 6,890 shares held of record by Nova Family Enterprises and 368,930 shares held by the Daniel J. Nova 2000 Trust dtd 06/20/2000, all of which are shares of Class A Common Stock. Excludes 43,814 restricted stock units ("RSUs"), which will vest in full on the earlier of (i) May 21, 2026 or (ii) the Issuer's next annual meeting of stockholders, subject to Mr. Nova's continued service to the Issuer on such date. Each RSU represents a contingent right to receive one share of Class A Common Stock.
(2) Includes all shares held of record by Highland VIII, Highland VIII-B, Highland VIII-C, Highland VII, Highland VII-B, Highland VII-C and HEF VII, all of which are shares of Class B Common Stock. Mr. Nova, a member of the Issuer's board of directors, is a director of HMP VIII Ltd and a managing member of HMP VII LLC and may be deemed to share voting, investment and dispositive power with respect to these securities.
(3) This percentage is calculated based on 104,273,162 shares of Class A Common Stock outstanding as of October 27, 2025, as reported by the Issuer in its Form 10-Q, plus 7,590,338 shares of Class B Common Stock held by the Reporting Persons and assuming the conversion of such shares into shares of Class A Common Stock on a one-for-one basis.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ThredUp Inc.
(b)
Address of issuer's principal executive offices:
The information set forth in Item 1 of the Original 13G is incorporated herein by reference.
Item 2.
(a)
Name of person filing:
The information set forth in Item 2 of the Original 13G is incorporated herein by reference.
(b)
Address or principal business office or, if none, residence:
The information set forth in Item 2 of the Original 13G is incorporated herein by reference.
(c)
Citizenship:
The information set forth in Item 2 of the Original 13G is incorporated herein by reference.
(d)
Title of class of securities:
Class A Common Stock, $0.0001 par value per share
(e)
CUSIP No.:
88556E102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Row 9 of the cover page for each Reporting Person and the corresponding footnotes.*
(b)
Percent of class:
See Row 11 of the cover page for each Reporting Person and the corresponding footnotes.*
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row 5 of the cover page for each Reporting Person and the corresponding footnotes.*
(ii) Shared power to vote or to direct the vote:
See Row 6 of the cover page for each Reporting Person and the corresponding footnotes.*
(iii) Sole power to dispose or to direct the disposition of:
See Row 7 of the cover page for each Reporting Person and the corresponding footnotes.*
(iv) Shared power to dispose or to direct the disposition of:
See Row 8 of the cover page for each Reporting Person and the corresponding footnotes.*
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The information set forth in Item 6 of the Original 13G is incorporated herein by reference.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Highland Management Partners VIII Limited
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Officer
Date:
02/11/2026
Highland Management Partners VIII Limited Partnership
Signature:
By: Highland Management Partners VIII Limited, its general partner; /s/ Jessica Healey
Name/Title:
Authorized Officer
Date:
02/11/2026
Highland Capital Partners VIII Limited Partnership
Signature:
By: Highland Management Partners VIII Limited Partnership, its general partner; By: Highland Management Partners VIII Limited, its general partner;
Name/Title:
Authorized Officer
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Officer
Date:
02/11/2026
Highland Capital Partners VIII-B Limited Partnership
Signature:
By: Highland Management Partners VIII Limited Partnership, its general partner; By: Highland Management Partners VIII Limited, its general partner;
Name/Title:
Authorized Officer
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Officer
Date:
02/11/2026
Highland Capital Partners VIII-C Limited Partnership
Signature:
By: Highland Management Partners VIII Limited Partnership, its general partner; By: Highland Management Partners VIII Limited, its general partner;
Name/Title:
Authorized Officer
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Officer
Date:
02/11/2026
Highland Management Partners VII, LLC
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Highland Management Partners VII Limited Partnership
Signature:
By: Highland Management Partners VII, LLC, its general partner; /s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Highland Capital Partners VII Limited Partnership
Signature:
By: Highland Management Partners VII Limited Partnership, its general partner; By: Highland Management Partners VII, LLC, its general partner;
Name/Title:
Authorized Manager
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Highland Capital Partners VII-B Limited Partnership
Signature:
By: Highland Management Partners VII Limited Partnership, its general partner; By: Highland Management Partners VII, LLC, its general partner;
Name/Title:
Authorized Manager
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Highland Capital Partners VII-C Limited Partnership
Signature:
By: Highland Management Partners VII Limited Partnership, its general partner; By: Highland Management Partners VII, LLC, its general partner;
Name/Title:
Authorized Manager
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Highland Entrepreneurs' Fund VII Limited Partnership
Signature:
By: Highland Management Partners VII Limited Partnership, its general partner; By: Highland Management Partners VII, LLC, its general partner;
Name/Title:
Authorized Manager
Date:
02/11/2026
Signature:
/s/ Jessica Healey
Name/Title:
Authorized Manager
Date:
02/11/2026
Daniel Nova
Signature:
/s/ Daniel Nova
Name/Title:
Daniel Nova
Date:
02/11/2026
Comments accompanying signature:
Note: This Amendment No. 4 (this "Amendment") amends and supplements the Schedule 13G originally filed by the Reporting Persons with the United States Securities and Exchange Commission (the "Commission") on February 10, 2022, as amended by Amendment No. 1 filed with the Commission on February 6, 2023, Amendment No. 2 filed with the Commission on February 9, 2024 and Amendment No. 3 filed with the Commission on February 14, 2025 (the "Original Schedule 13G"). Only those items that are hereby reported are amended; all other items reported in the Original Schedule 13G remain unchanged. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms not defined in this Amendment have the meanings ascribed to them in the Original Schedule 13G.
What does the Schedule 13G/A filing disclose about Highland’s stake in ThredUp (TDUP)?
The filing shows Highland Management Partners VIII and related funds beneficially owning 4,933,717 shares, or 4.4% of ThredUp’s Class A common stock on an as-converted basis. These holdings come from Class B shares convertible one-for-one into Class A stock.
How many ThredUp shares does Daniel Nova report owning in this Schedule 13G/A?
Daniel Nova reports beneficial ownership of 8,154,331 ThredUp shares, equal to 7.3% of the Class A common stock on an as-converted basis. This includes 563,993 Class A shares and 7,590,338 Class B shares held through various Highland funds.
How is the ownership percentage for ThredUp (TDUP) calculated in this filing?
Ownership percentages are calculated using 104,273,162 Class A shares outstanding as of October 27, 2025, as reported in ThredUp’s Form 10-Q. The calculation also includes 7,590,338 Class B shares held by the reporting persons, assuming one-for-one conversion into Class A stock.
What role do Highland Capital Partners VII funds play in ThredUp’s ownership structure?
Highland Capital Partners VII, VII-B, VII-C and Highland Entrepreneurs’ Fund VII hold Class B shares of ThredUp. Collectively, related Highland VII entities report shared voting and dispositive power over 2,656,621 shares, representing 2.4% of the Class A common stock on an as-converted basis.
What type of securities are reported in the ThredUp (TDUP) Schedule 13G/A amendment?
The amendment covers ThredUp’s Class A common stock, with economic exposure reported through holdings of Class B common stock. All Class B shares referenced are assumed convertible into Class A shares on a one-for-one basis for calculating beneficial ownership percentages.
Who has voting and investment power over the Highland-held ThredUp shares?
Highland Management Partners VIII Ltd and Highland Management Partners VIII LP are described as general partners with voting, investment and dispositive power over certain Highland VIII funds’ shares. Directors including Robert Davis, Daniel Nova, Paul Maeder and Corey Mulloy may share this power through their roles.
