OfferUp raises $119M for resale app
OfferUp, the developer of an app for people to buy and sell stuff in their local areas, has raised $119 million in a round that reportedly values the company at more than $1 billion. Warburg Pincus led the financing, with participation from GGV Capital, Andreessen Horowitz, T. Rowe Price and others. The Seattle-area company’s app allows users to snap a photo of their used items and then sort through the highest bids.
Intel spins out security unit
Intel announced it will spin out its cyber security division, formerly known as McAfee, and sell a majority stake in it to investment firm TPG for $3.1 billion in cash. Under terms of the deal, TPG will own 51 percent of the new company, which will be named McAfee, and Intel will have a 49 percent stake.
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