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OfferUp

Marketplace / local commerceUSA
✂️ Markdown
  1. 🦄
    Became a unicorn
    2016
  2. 📈
    Peak valuation
    $1.4 Billion ’18
  3. 💔
    Became a Unitard
    2020
  4. 💸
    Last valuation
    —
Current status
2020 OLX/letgo recap was a steep down round (OLX took ~40% of the combined entity); still private.

How it happened

OfferUp is a Seattle-based mobile marketplace for buying and selling used goods, founded in 2011. Rapid growth made it a unicorn in 2016, and it was widely reported at a roughly $1.4B valuation by 2018. Facing a tougher market and intense competition, OfferUp raised $120M led by OLX Group in March 2020 and merged with rival letgo, handing OLX about 40% of the combined company — a steep down round that left it well below its peak. Glassdoor reviews since describe a bumpy stretch: staff recounted a pandemic-era hiring surge followed by repeated layoff rounds, frequent leadership turnover and shifting strategy, and, more recently, engineering roles increasingly moved to lower-cost teams in Colombia.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.

Source: Press; 2020 OLX/letgo down-round recap; peak per primary round

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