Total disclosed M&A deal values in the Online-Offline Commerce sector reached $7.7 billion during the first three months of 2025, on pace to exceed levels seen in 2024. Only 17% of transactions in the first quarter of 2025 disclosed their financial terms as buyers preferred to keep their M&A strategies private. While disclosure levels remain selective, this figure suggests that buyers are still actively engaging in all types of deals.

Following a peak in 2021, VC funding for the Online-Offline Commerce sector declined considerably in 2022 and 2023. During the first quarter of 2025, VC funding deal volumes remained subdued, encouraging companies to instead pursue M&A strategies for growth and liquidity.

The Online-Offline Commerce sector kicked off the first quarter of 2025 with 88 M&A transactions, setting a strong foundation for the year ahead. While strategic buyers continued to drive the majority of deals, Private Equity firms remained actively engaged, representing the buyer in 20% of these transactions. This early momentum suggests a potential rebound in deal activity as the year progresses.