Congratulations to the OfferUp team
Today, OfferUp announced their latest $119M financing here, here, and here.
I’d like to take this opportunity to congratulate Nick, Arean, and the entire team on the incredible progress that led to this impressive milestone as well as welcome the new investors to the table. OfferUp has had truly explosive growth over the last 3 years from a tiny base to a staggering $14B+ in GMV this year. It’s been a privilege to be a part of the journey so far.
I first met Nick and Arean in late 2012. They were working out of a tiny little office in Bellevue. There were just a few thousand users on the platform and the team was trying all sorts of different tactics to achieve growth. The team was only 5 people at that time, but even then the culture that would quickly propel them to greatness was evident. Importantly the culture hasn’t changed as they’ve grown, it’s only become stronger.
The OfferUp team are relentless - they will achieve their vision or die trying. There is a complete faith that they are making the world of P2P commerce much better, simpler, and safer. I’m much happier being on their team than trying to compete with them.
They are understated - no flashiness or hype on the team. They are always very honest about the challenges of the business and the current state of affairs. They underpromise and overdeliver, with a happy tendency to exceed forecast. You may also notice that they haven’t been in the press much until today. That is intentional - the company is always laser-focused on the customer.
And just as importantly, they have fun. When I first met them, they showed me a couple kids big-wheel bikes (purchased on OfferUp of course) that they raced down the sidewalk outside the office. They now have everything from giant bubble balls to Segways to refurbished tables made from shipping pallets – all purchased on OfferUp. People love working there. Note this Glassdoor reviewer who says that at OfferUp “you may be attacked by quadcopters on Friday afternoons.”
Their team and culture has fueled an eye-popping growth rate, but at the same time, ensures success and capital won’t cause them to get bloated or defocused. OfferUp has grown tremendously since Jackson Square Ventures led their Series A financing back in 2013. We’ve seen the product expand from just Seattle to the entire country. We’ve seen them expand categories from baby strollers and kids toys to everything under the sun. We’ve seen the team expand from 5 people to over 100. We’ve seen them go from relative obscurity to a regular in the Top 50 Overall Apps in the country. They will continue expanding aggressively and this financing adds even more fuel to the fire.
The team and culture at OfferUp will continue to achieve amazing things going forward. It’s just Day 1. Come join us.