OfferUp cofounder and CEO Nick Huzar announced today via the company blog that the garage sale app has closed its latest round of funding with $119 million, led by venture capital firm Warburg Pincus.
“This gives us an incredible opportunity to continue developing a product that makes local buying and selling as simple as possible,” Huzar wrote.
The round included investments by GGV Capital and Alimeter Capital. Previous investors include Andreessen Horowitz, High Line Venture Partners, Jackson Square Ventures, T. Rowe Price, and Coatue Management. OfferUp raised $91 million at the end of 2015, and now has raised a total of $210 million.
“Our success and unmatched growth would not be possible without our investors. But we owe a special thanks to the community of users who buy and sell with us every day. They are the heart of our marketplace, and we are eager to put our resources to work to make OfferUp an even better place to buy and sell,” Huzar wrote.
We spoke with Huzar in November, and he reported that $3.9 billion in goods had been sold via the site to that point in 2015. Huzar added that sales through the app were expected to swell beyond $14 billion this year.
“The problem we feel like we’re solving is taking underutilized assets and giving them a new life. That could be in the form of unused things … but we think it’s bigger than that,” Huzar said to 425 Business at the time. “We look at what we’re doing as transforming how people buy and sell locally, so it doesn’t have to be a used good. We have small stores that buy and sell locally.”
At the beginning of this year, the company began exploring options to generate revenue, including a 9 percent fee on in-app payments. In today’s blog post, Huzar wrote that the new investment will be used to spurn more growth, hire new employees, and product development.
OfferUp reported that its app has been downloaded more than 29 million times in the U.S., and is looking to expand overseas. Investors.