Letgo, the local online marketplace, has been acquired by OfferUp. The terms of the transaction were not disclosed but Letgo’s majority investor, OLX Group, will own 40% of the combined entity. “Letgo and OfferUp have always shared the same core vision for how large America’s secondhand economy can become – harnessing tech innovation to bring about an extraordinarily positive impact on consumers’ wallets and also on the environment. Bringing our apps together moves us much closer to that vision,” remarked Letgo cofounder Alec Oxenford.
letgo and OfferUp have always shared the same core vision for how large America’s secondhand economy can become – harnessing tech innovation to bring about an extraordinarily positive impact on consumers’ wallets and also on the environment. Bringing our apps together moves us much closer to that vision – Alec Oxenford
Founded in 2015 by Oxenford, Enrique Linares Plaza, and Jordi Castello, Letgo had raised a total of $975M in reported equity funding. Investors in the company include New Enterprise Associates, Accel, Insight Partners, Eight Roads Ventures, FJ Labs, Northzone, Mangrove Capital Partners, NextView Ventures, 14W, Prosus & Naspers, H14, and BlackPine. AlleyWatch covered Letgo’s latest funding round, a $500M Series $E, in August of 2018.
Letgo’s business outside of the US is not a part of this transaction and will continue to operate independently.
“My vision for OfferUp has always been to build a company that helps people connect and prosper,” said Nick Huzar, OfferUp CEO. “We’re combining the complementary strengths of OfferUp and letgo in order to deliver an even better buying and selling experience for our communities. 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. 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 – Nick Huzar
