OfferUp is raising a huge round of funding as the mobile marketplace continues to grow and battle a crowded field of competitors.
According to a filing with the U.S. Securities and Exchange Commission confirmed by OfferUp, the company is seeking approximately $150 million in fresh cash. OfferUp has raised more than $39 million from 15 investors so far, according to the filing.
OfferUp is one of the highest valued private companies based in the Pacific Northwest, crossing the $1 billion threshold after raising a whopping $130 million in late 2016. Over its five-year lifetime, OfferUp has raised approximately $221 million.
“Our focus on building the best and most successful experience for consumers has resulted in OfferUp being the largest local marketplace in the U.S.,” OfferUp CEO Nick Huzar said in a statement. “We’re now well on our way to leveraging our size and reach into building a real business with significant revenue and a clear path to profitability. Our capital strategy is to achieve those goals by raising the right amount, with the right partners, on the right terms. This round will help us accelerate bringing on more top talent to expand on our mission of building the largest, simplest and most trustworthy local marketplace.”
OfferUp is ranked 10th on the GeekWire 200 list of the top Pacific Northwest privately held companies. The Bellevue, Wash. company competes against other marketplaces where people sell to each other, such as Craigslist, eBay and Facebook Marketplace. LetGo, another of OfferUp’s primary competitors, just reeled in a massive $500 million round earlier this week.
Last year OfferUp moved into a new headquarters office in Bellevue, saying at the time that its employee count had doubled to more than 200. Today the company has more than 240 employees and it has another 50 open positions.
In recent months, OfferUp has been busy, putting out new features and safeguards for its customers. Most recently, OfferUp unveiled a new Autos section for buying and selling used cars, doubling down on one of its most popular categories.
In May, OfferUp launched a new shipping feature that expands its service beyond local deals. The company had been limited to facilitating buying and selling items in a given location, but the new shipping feature allows sellers to reach anyone in the continental U.S. for products that meet USPS regulations and other requirements.
Last year, OfferUp debuted a series of features designed to give buyers and sellers more information about each other, allowing them to better trust the process. That followed the introduction of the Community MeetUp Spots program, a network of more than 1,300 designated meeting places for users to safely exchange goods.