Total amount raised
$380 Millions
Latest funding date
March, 2020
Location
OfferUp has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform provides a seamless experience for buying and selling items locally, catering to a wide range of users.
Keep reading to explore the intricacies of OfferUp's fundraising journey and the investors backing this innovative platform.
What Is OfferUp?
OfferUp, founded in 2011 by Arean van Veelen and Nick Huzar, is headquartered in Bellevue, Washington. The company operates an online and mobile C2C marketplace app, enabling users to buy and sell electronics, furniture, and cars locally.
With a workforce of 251-500 employees, OfferUp aims to simplify local transactions through its user-friendly platform. The app and website allow users to post items for sale, browse local listings, and communicate with buyers and sellers seamlessly.
OfferUp's mission is to create a trusted marketplace where people can easily buy and sell items within their communities, fostering a sense of local connection and convenience.
How Much Funding Has OfferUp Raised?
- Angel Round
- Amount Raised: $385K
- Date: May 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the platform and launch the app.
- Series A
- Amount Raised: $2.8M
- Date: August 2013
- Lead Investors: Jackson Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance app features.
- Series B
- Amount Raised: $15.8M
- Date: March 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Scaling operations and marketing efforts.
- Series C
- Amount Raised: $73M
- Date: March 2015
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and infrastructure improvements.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: September 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series C
- Amount Raised: $119M
- Date: September 2016
- Lead Investors: Warburg Pincus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance platform capabilities.
- Series D
- Amount Raised: $11M
- Date: November 2016
- Lead Investors: Max Levchin
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and improving user experience.
- Series D
- Amount Raised: $39M
- Date: August 2018
- Lead Investors: Notable Capital
- Valuation at Round: $1.4 billion
- Motivation Behind the Round: To solidify market position and drive further growth.
- Venture Round
- Amount Raised: $120M
- Date: March 2020
- Lead Investors: OLX Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth, product innovation, and the merger with letgo.
Total Amount Raised: $380M. Current Valuation: Not publicly disclosed.
Key Investors
- OLX Group
- Details: OLX Group is the online classifieds business of Prosus, a global consumer internet group. They are the majority investor in letgo and will own 40% of the combined entity post-merger with OfferUp.
- Investment Focus Areas: Online classifieds, e-commerce, consumer internet services.
- Notable Investments: letgo, Avito, Dubizzle.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Menlo Park, California. They are known for investing in early-stage and growth-stage technology companies.
- Investment Focus Areas: Technology, software, consumer internet, enterprise software.
- Notable Investments: Facebook, Airbnb, Slack.
- Warburg Pincus
- Details: Warburg Pincus is a global private equity firm focused on growth investing. Their portfolio spans various sectors including technology, healthcare, and financial services.
- Investment Focus Areas: Technology, healthcare, financial services, energy, consumer products.
- Notable Investments: CrowdStrike, Avalara, Grubhub.
- Jackson Square Ventures
- Details: Jackson Square Ventures is a venture capital firm that invests in early-stage technology companies. They focus on companies that have the potential to become market leaders.
- Investment Focus Areas: SaaS, marketplaces, healthcare technology.
- Notable Investments: DocuSign, Strava, Upwork.
- Max Levchin
- Details: Max Levchin is a serial entrepreneur and investor, best known as a co-founder of PayPal. He has a strong focus on fintech and technology startups.
- Investment Focus Areas: Fintech, technology, consumer internet.
- Notable Investments: Affirm, Yelp, Glow.
What's Next for OfferUp?
The merger with letgo opens up a vast opportunity for OfferUp, creating a combined marketplace with over 20 million monthly active users. This expanded user base, along with nationwide shipping and advanced trust and safety programs, positions OfferUp to significantly enhance its market presence and user experience.
With strong investor backing, including a recent $120 million investment led by OLX Group, OfferUp is well-positioned for future fundraising to support continued growth and innovation. The company aims to leverage its larger network to drive product enhancements and monetization efforts.
However, integrating the operations and user bases of OfferUp and letgo presents challenges. Maintaining user trust and safety while scaling up, and competing with established giants like eBay and Facebook Marketplace, will be critical hurdles. Despite these challenges, OfferUp's strategic vision and robust support from investors suggest a promising path forward.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like OfferUp and gather other critical business insights.
Sign up for free on Clay and start leveraging these powerful tools to drive your sales success.
