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Illustration: Aïda Amer/Axios

OfferUp, a Bellevue, Washington-based peer-to-peer marketplace for local goods, agreed to buy New York-based rival Letgo in an all-stock deal.

Why it matters: This is one of the few deals that was helped, not hurt, by the coronavirus pandemic. Sources say that the two companies had been discussing a tie-up for more than a year, but talks intensified as America's economy began shutting down — a crisis leading to compromise.

  • OfferUp 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.
  • Up & down: OfferUp CEO Nick Huzar tells Axios 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.

The bottom line:

"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. Together, the new entity will have more than 20 million monthly active users across the U.S. 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."
Sarah Perez, TechCrunch

Go deeper

Fintech's record year

Illustration: Annelise Capossela/Axios

Massive venture rounds into fintech companies have ballooned this year, pushing up total dollars invested — in just the first three quarters of 2021 — to nearly double the amount in all of 2020, per new PitchBook data.

Why it matters: The maturing of fintech startups means a growing number of companies are able to raise huge later-stage funding rounds as investors look to lock-in their bets.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Democrats' clean power outlook is very muddy

Illustration: Annelise Capossela/Axios

Here are two big questions as a key Democratic proposal to slash emissions from power generation flounders: how much its demise would sap climate protections, and what might replace it.

Catch up fast: New financial carrots and sticks for utilities to deploy zero-carbon power — the Clean Electricity Performance Program (CEPP) — look unlikely to stay in Democrats' big social spending and climate bill.

2 hours ago - Health

CDC: Unvaccinated are over 11 times more likely to die from COVID

Expand chart
Reproduced from CDC; Note: Data represents 30% of Americans across 16 jurisdictions: Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Idaho, Louisiana, Massachusetts, Michigan, Nebraska, New Mexico, New York City, Seattle/King County, Wash., Utah and Wisconsin; Chart: Danielle Alberti/Axios

The CDC recently published data evaluating Americans' rate of coronavirus cases and deaths by vaccine status, providing more data on which vaccines are working best and how much protection they offer relative to being unvaccinated.

What they found: As of August, unvaccinated people had a more than six times higher risk of testing positive for the coronavirus, and were more than 11 times more likely to die from the virus.