OfferUp also acknowledged that mid-pandemic is an odd time to announce such a deal - especially at a time when the COVID-19 outbreak is affecting its own employees, its partners, and the buying and selling community itself.

OLX Group has unparalleled expertise and clear success with growing online marketplace businesses, so they’ll be a great partner as we continue to build the widest, simplest, and most trustworthy experience for our customers.” “We’re combining the complementary strengths of OfferUp and letgo in order to deliver an even better buying and selling experience for our communities. “My vision for OfferUp has always been to build a company that helps people connect and prosper,” said Nick Huzar, OfferUp CEO, in a statement about the acquisition. For consumers, the deal means they’ll no longer have to list in as many apps when looking to unload some household items, electronics, furniture or whatever else they want to sell. Together, the new entity will have more than 20 million monthly active users across the U.S. The acquisition will see two of the largest third-party buying and selling marketplaces - outside of Craigslist, eBay and Facebook Marketplace, of course - become a more significant threat to the incumbents. To date, OfferUp has raised $380 million. The round will close with the closing of the acquisition, which is expected to take place sometime in May. The funds will be put toward continued growth, product innovation and monetization efforts, OfferUp says.

Other investors in the new round include existing OfferUp backers Andreessen Horowitz and Warburg Pincus.

As a part of the deal, OfferUp will also be acquiring letgo’s classified business, with OLX Group gaining a 40% stake in the newly combined entity. OfferUp, a top online and mobile marketplace app, announced this morning it’s raising $120 million in a new round of funding led by competing marketplace letgo’s majority investor, OLX Group, and others.

Offerup