Secondhand marketplace operator OfferUp has announced that it will raise a $120 million round and is planning to acquire competitor Letgo. The deal is still undergoing regulatory approval. The new funding will be led by OLX Group, which is currently a majority investor in Letgo. Andreessen Horowitz and Warburg Pincus are also set to participate in the round. OfferUp was valued at nearly $1.4 billion in 2018, according to PitchBook data.