Emailed on March 27th 2020 in The Friday Forward

OfferUp, a Bellevue, Wash.-based peer-to-peer marketplace for local goods, agreed to buy New York-based rival Letgoin an all-stock deal. It also raised $120 million of new funding led by Letgo majority investor OLX Group (the classifieds unit of Naspers), which will hold a 40% stake in the combined company.

Existing OfferUp investors Andreessen Horowitz and Warburg Pincus also participated.

OfferUp CEO Nick Huzar said the transaction volume hasn’t been too negatively affected over the past few weeks, but that the types of items sold have changed.

For example, there have been massive spikes in the home/garden and video game categories, while things like jewelry have sagged.

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