OfferUp lets its users buy and sell things locally, which makes getting rid of unwanted stuff easier than ever before. Founded in 2011, the startup quickly became one of the biggest marketplaces in the United States and the #4 position on the hottest startup Forbes’ list.
Now, with new investors, the platform has raised an impressive amount of money – $119 million – which, combined with the previous funding, gives OfferUp more than $210 million, raised in a relatively short time. For the sake of comparison, other similar platforms, such as Catawiki and Vinted, “only” raised $82 million and $27 million last year, respectively.
So, what is the big deal about OfferUp? First of all, the user-friendliness that gives the mobile application a big advantage. Users can buy and sell things directly on their phones. The experience is almost as entertaining as using Instagram or Snapchat. Furthermore, it’s a new way of getting rid of unwanted things and making a little money, instead of putting them into the trash. In a world where shopping has become a hobby, it is also a way of having fun while looking for bargains – somebody’s “white elephant” might be another persons’ trove.
With new investors, such as GGV Capital and Altimeter Capital, OfferUp plans to make their product even more attractive for users and expand into new markets. If this mobile marketplace is going to grow as fast as it did in the previous years, it might soon become an unrivaled leader in its category.
