Led · Equity · Mar 2020

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.

Led · Equity · Nov 2019

Frontier Car Group is a Berlin-based startup building used-car marketplaces across high-growth, emerging markets. It operates in Nigeria, Mexico, Chile, Pakistan, Indonesia, the USA (after acquiring WeBuyAnyCar), India and Poland. The platform offers listings plus inspection reports, financing, pricing guides, warranties, insurance and a Dealer Management System for dealers. Frontier plans to expand dealer services, resale services via OLX, and develop CarFax/Blue Book-style pricing products. The company sold about $700 million worth of cars in the past year, roughly triple its performance a year earlier; earlier reporting noted 50,000 cars sold and a then-target of $200 million in annualised revenues after its prior raise. Management attributes the growth to early integration with OLX and aims to add trust, transparency and a comprehensive suite of services to buyers, sellers and dealers. Frontier Car Group is a Berlin-based startup that operates a used-car marketplace focused on emerging markets in Africa, Latin America and Asia. Its platform gives sellers online quotes, inspects and buys vehicles, and lets buyers browse inventory and arrange financing via app or web. Since launching at the end of 2016 the company has sold 50,000 vehicles and is on track to do $200 million in annualised revenues. Frontier runs operations today in six countries: Chile, Indonesia, Mexico, Nigeria, Pakistan and Turkey, and has made local sourcing deals such as a contract to sell ex-Alamo rentals in Mexico City. The company says it is targeting faster, safer transactions than local alternatives and also provides inventory to smaller dealers where auction houses and import services are lacking. CEO Sujay Tyle has said Frontier expects to be EBITDA-profitable by Q2 2019. Frontier Car Group operates online marketplaces and infrastructure for buying and selling used cars across emerging markets. The company runs operations in Chile, Mexico, Nigeria, Pakistan and Turkey while operating out of Berlin and employing about 200 people. Its product combines technology and operational services aimed at making used-car sales more efficient and fair in markets the founders describe as “fundamentally broken.” Frontier says it will use the recent financing to expand its presence in Chile, Mexico, Nigeria, Pakistan and Turkey. Leadership includes co-founder and CEO Sujay Tyle, alongside Peter Lindholm and Andre Hussman, who bring prior experience from Hired.com, Millicom/Rocket Internet and Auto1 respectively. The company framed its mission as reinventing used automotive sales in top-tier emerging markets through technology and infrastructure creation.