OfferUp is an online and mobile marketplace app that connects buyers and sellers of household items, electronics, furniture and other secondhand goods. The company is acquiring letgo's classified business to combine complementary strengths and expand its network; for now both apps will remain separate. The combined entity will have more than 20 million monthly active users across the U.S., and letgo brings more than 100 million worldwide downloads. OfferUp says the new funding will be used for continued growth, product innovation, monetization efforts, and to bring OfferUp's shipping business to letgo users. OfferUp raised $120M in this round and has raised $380M to date; CEO Nick Huzar declined to disclose current revenue or valuation. The company is headquartered in Bellevue, Wash.; it has undergone several executive departures and is operating with an interim CFO while it hires a new one. OfferUp operates iOS and Android apps that enable local buyers and sellers to list items using a phone or tablet and browse thousands of new postings daily by image. The marketplace includes reputation and safety features so users can know who they are dealing with, in-app messaging, and seller profile pages to build reputation. Users can sort listings by category or location and transact locally through the app. The company came out of stealth in 2015 and is led by CEO Nick Huzar and Arean van Veelen. OfferUp says it will use the new capital to enhance the user experience and expand to new markets. The company recently raised $119M in a Series C-1 round, bringing total fundraising to more than $210. OfferUp is a mobile marketplace founded in 2011 that enables local buyers and sellers to list, discover and purchase items via free iOS and Android apps. The company is headquartered in Bellevue, Wash., and was founded by CEO Nick Huzar and CTO Arean van Veelen. OfferUp has grown fivefold since January 2015 and reported $2.9 billion in transactions so far in 2015, indicating rapid marketplace traction. Leadership and governance include board member Jeff Jordan, a partner at Andreessen Horowitz and former eBay general manager. The product focus is on local, mobile-first commerce and expanding user adoption through its apps.

Total raised

$329M

Funding rounds

3

Latest round

Equity

Latest activity

Mar 2020