OfferUp raises $119 million for resale marketplace
It’s like Craigslist, but with auctions. OfferUp is an app that makes it easy to buy and sell your goods.
The fast-growing Seattle-based company is raising $119 million to continue its global expansion and continue hiring. The round is led by Warburg Pincus and includes funding from GGV Capital, Andreessen Horowitz and T. Rowe Price.
OfferUp users snap a photo of their used items like clothing and furniture and then check the app to sort through the highest bids. The built-in messaging feature also makes it easy to communicate with prospective buyers.
“Our big focus is to create the simplest and most trustworthy way for people to buy and sell locally,” CEO Nick Huzar told TechCrunch. While there are similar apps like LetGo and Mercari, Huzar claims that they “haven’t seen any negative impact from the competition” and that they just keep on growing.
Hans Tung from GGV Capital said that he invested in OfferUp because “Craigslist hasn’t innovated for a long time and there is unmet, pent up demand for classified on mobile.” He points out that OfferUp makes it easy to communicate with prospective buyers, without having to share one’s personal cell phone number.
OfferUp launched just last year and already has 29 million installations in the U.S. They claim that their user engagement rivals Snapchat’s.
I personally tried OfferUp last fall when I was selling items before a cross-country move. I was surprised to see how easy it was to find bidders for seemingly undesirable things, including my used trash can!
OfferUp previously raised over $91 million in funding.