It was extremely expensive back then. Tell us about the turning page here, going into a new chapter. 10/10 Amanda Bynes- Estimated Net Worth $3 Million. He and I would sit down and rift on things quite a bit. Alejandro: Very nice, and very timely given the times that were living in. Why is this problem existing? CEO, Mentor (mentormoney.com). (Source: Mary Meeker/KPCB, 2016 Internet Trends Report). : When I left Konnect, I had no intention of leading another company. I was just a sponge. We hired. OfferUp was one of the first, truly mobile marketplaces and more and more experiences are going to continue to happen exclusively via smartphones., Top 3 Tips From OfferUp To Convert Your Items To Cash. Huzar attributed the high level of engagement to OfferUps focus on a secure, frictionless user experience, an image-driven platform and the creation of a community built on personal connectivity. Or, for BMX, we built their first-ever eCommerce website. Thats equally as important. To achieve this, they need to continue growing consumer awareness, increase seller liquidity (percentage of items that sell), and continue to emphasize ease of use and trust for all users.. In fact, in the early days, before we had a lot of traction, I used to show up to peoples houses, and I would buy their items, and I would stick them in our very small office that we had. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. : Yeah. I strongly believe OfferUp will surpass Craigslist and all other competitors as the go-to marketplace for the American consumer to buy and sell locally, said Josh Breinlinger, an OfferUp board member and managing director at Jackson Square Ventures, which led OfferUps Series A financing round. : Very nice. Now, in terms of the business itself, how big is the platform, or can you talk to us about the number of employees or users that are using this so that people get a sense of the operation? We had this concept of why cant we just emulate that online? She has made most of her net worth through her record sales as well as her music tours. Within a year, year and a half, I was loving the internet. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. Well continue to obsess over liquidity. They have too many, and theyre just on a wall, and no one really thinks about them. I think thats a great idea. He and I threw in $800 the first event. I knew I was passionate about computers. How much is Nick Kyrgios' Net Worth in 2022? Dont cut corners on that. Ive got to go get a job. Im out there interviewing for a job and spending a bunch of time on that, but I think like any good ideas, for entrepreneurs that are out there, I believe that if you cant get it out of your head, you should listen to that voice. He only had one job. How was life growing up there? Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. : I had, of course, a ton of energy and excitement. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. The other one is payments. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. We could leverage chat. How much money have you guys raised to date that is probably disclosed? As I move from work or wherever Im at, I just want to be able to open up the app and see and discover things that are all around me. We thought to ourselves, why couldnt you just build a platform that would enable anybody to build basically what is now known as social media? Today, we offer that via shipping. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. He was able to figure things out. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has partnered in, Total number of current Jobs the person has, Total number of events the individual appeared in, Number of news articles that reference the Person, Founder, President & Chief Product Officer and CEO. The company has raised $380 million from top tier investors such as Andreessen Horowitz, GGV Capital, Tiger Global Management, Warburg Pincus, T. Rowe Price, and Allen & Company to name a few. Nick Huzar Net Worth. Nick Huzar: I had, of course, a ton of energy and excitement. One is promotions, and thats simply helping sellers to be more successful. Other OfferUp investors include Coatue Management, Tiger Global, T. Rowe Price, Allen & Company, High Line Venture Partners, GGV Capital, Third Kind Capital, Altimeter Capital and Vy Capital, among others. There are two areas in which OfferUp generates revenue. I kept thinking about that moment in the doorway, and I kept looking at my iPhone, which is the second-gen iPhone, and at this time, theres no Android phone even on the scene. I dont think we even had core values or anything. The advent of the mobile revolution transformed the way in which people transact. I cant exist without my computer. Van Veelen. In fact, in the early days, before we had a lot of traction, I used to show up to peoples houses, and I would buy their items, and I would stick them in our very small office that we had. In this case, it led you to where you are today. And if you got any value either from this episode or from the show itself, share it with a friend. So, thats the time in history when I graduated. I just wanted them to believe it actually worked. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. This is a BETA experience. That was the whole idea. He has appeared in shows as well as advised some companies. For years, Craigslist has been the go-to website to buy and sell used items online. That was the idea behind it. Some users use OfferUp to help grow their small businesses. We learned through that experience. My parents threw me into a bunch of things as a kid. Ive been interviewing, but I also have this idea I want to run by you. The pitch, to be clear, had nothing to do with used goods, and it still doesnt to this day. I think I was making $27,000 a year back then. . Like I said, its been a lot of work, and as you mentioned, I was sleeping on an air mattress, which is not that comfortable. I think thats a big part early on. What would you say really made him such an amazing tech co-founder? I had a wife that was working, and I had a daughter on the way. I cant exist without my computer. Well, Nick, thank you so much for being on the DealMakers show. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. He understands engineering is just enabling an outcome. I had a blessed upbringing. As I move from work or wherever Im at, I just want to be able to open up the app and see and discover things that are all around me. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. In her 2016 Internet Trends report, Mary Meeker, a senior partner at venture firm Kleiner Perkins Caufield and Byers, wrote that OfferUp users spend an average of 25 minutes per day on the OfferUp app, which is the same amount of time users spend on Instagram and Snapchat (and more time than on both Pinterest and Twitter). We thought to ourselves, why couldnt you just build a platform that would enable anybody to build basically what is now known as social media? I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. Thats probably the biggest one. Most days, I feel like I am playing with Legos. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. Get a custom action plan and all the help that you need to start raising more capital. Can I communicate succinctly? If you look at annual adoption from our customers, were looking at over 44 million. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, EP 199 Nick Huzar On Raising $380M To Build A Marketplace App That Is Used By 44 Million People, Bill Powers On Raising $500 Million To Improve Your Driving Behavior, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service. So, I think its a founders job to be intentional about the type of culture that theyre going to build as a company and bring that into everything they do from promotions to recruiting. Weve always focused a lot on this excess of sellers and buyers and connecting them. You can literally use it for almost anything. Thats been a big part of it. I had a father who worked at Boeing his whole life. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. I think for anybody thats building a company, it feels good when you fill that role, and then 90 days later, you realize you made a huge mistake. I kept thinking about that moment in the doorway, and I kept looking at my iPhone, which is the second-gen iPhone, and at this time, theres no Android phone even on the scene. The only examples we could look to at the time were dating sites. With its headquarters in Bellevue, Washington, OfferUp enables users to buy and sell everything from furniture and electronics to cars and boats through its free mobile app. Amazing. He set up our entire first back-end system on AWS. Dunlap joins OfferUp at an exciting time for the company. From the tough moments, from the tough experiences is where we learn the most. It wasnt to be great in search like other marketplaces are. Thats been a big part of it. So, thats the time in history when I graduated. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. You went to Washington State University, and you got involved with. The fast-forward, over the next year or so, we had done 30 of these. California Weighs $360,000 in Reparations to Eligible Black Residents. Nick Hanauer Net Worth. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. I think they were all great people in their own right, but for what we were trying to build, probably not. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. Again, given my artistic bent, I taught myself Photoshop. We hired too quickly, and we didnt know what we wanted. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. : Yeah, definitely. He definitely did that, and I feel like I did that. I had a mother who was a therapist, so I like to think Im a pretty good mix of both of my parents, which happens to, I think, be an advantage given what I work on. Then once people are hired and we interview for the best, we have what we call our Operating Principles. I used to go to Goodwill stores, and Id realized the cars never stopped. So, we got very intentional about that. Until now. I came back to my wife after probably four-and-a-half months, at least, and she kept asking, When are you getting your job? One day, I said, You need to come home tomorrow. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. I think that also ties nicely into culture and the intention about that. We didnt see any examples of what we were doing in a smartphone. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. Little did we know social media was coming. If you can leave a review as well, that would be fantastic. OfferUp CEO Nick Huzar says the surge in eCommerce demand has created a "seller's market" in recommerce and one that includes a larger variety of seller types. In the first year, I think the hard part was, I had convinced a brilliant engineer that I worked with and connected to co-found OfferUp with me. How is your office laid out? Founded in 2011, the peer-to-peer commerce marketplace generated more transactions in less than five years than EBay North America had generated in its first 10 years. nick huzar net worth 2020 Ultimately, they decided to close it down. I look forward to it. We hired. Nick Huzar is CEO and Co-Founder of OfferUp. I had a blessed upbringing.