March 30, 2020

OfferUp – $120 Million

OfferUp

Bellevue, WA  ; 03/25/2020

Amount Funded: $120 Million

Type: Not Listed

Lead Investor: OLX Group (which will own a 40% stake in the combined company when letgo acquisition is complete)

Participating Investor(s):  Andreessen Horowitz, Warburg Pincus

Funding raised to date: $380 million

Company Description: OfferUp is a online and mobile marketplace app that lets users buy and sell used items. 

What funding will be used for:  Continued growth, product innovation, monetization. 

Quotes:

“My vision for OfferUp has always been to build a company that helps people connect and prosper. Bringing together the strengths and resources of OfferUp and letgo is an incredible opportunity that will help us reach our goal of creating the largest, simplest, and most trustworthy marketplace for local buyers and sellers.”

-Nick Huzar, CEO, OfferUp

Note: OfferUp has announced it will purchase letgo, a which allows users to trade used items. The acquisition is expected to close in May 2020. (3/25/20)

Data provided by respective company (unless otherwise noted) and researched by StartupsOne for accuracy.

 

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