2020 OLX/letgo recap was a steep down round (OLX took ~40% of the combined entity); still private.
The rise & fall
5 moments · 2011–2025
The key moments, with employee sentiment along the way.
2011
🌱
2011
Founded in Seattle
Nick Huzar and Arean van Veelen build a phone-camera-first marketplace for local secondhand deals.
Wikipedia
2016
🦄
2016
Joins the unicorn club
Rapid growth — and Craigslist's lunch — carry OfferUp past $1B.
TechCrunch
2018
📈
2018
The peak: ~$1.4B$1.4B
Its primary round pegs the marketplace around $1.4B as competition with letgo and Craigslist intensifies.
Press reports
Mar 2020
💔
Mar 2020
The OLX recap — a steep down round
OfferUp raises $120M led by OLX and absorbs rival letgo, handing OLX about 40% of the combined company — well below the peak, and out of the club.
Press reports
2020–25
💬
From the inside · Glassdoor reviews, 2020–25
Glassdoor reviews since the merger described 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 moving to lower-cost teams in Colombia.
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
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.
Source: Press; 2020 OLX/letgo down-round recap; peak per primary round
Founders
Nick Huzar
Co-founder & CEO
Still there — Co-Founder & Board Director · LinkedIn ↗
Arean van Veelen
co-founder
Still there — Co-Founder & Strategic Advisor · LinkedIn ↗
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
