LetGo operates an app-based, locally-focused marketplace for people to buy and sell second-hand goods. The company plans to use new funding to double down on growth in its core marketplace and in newer areas such as housing listings launched last month. LetGo has passed 100 million downloads and 400 million listings in total, with monthly listers up 65% year-to-date; users send about 13 million messages daily and 6 billion messages since launch three years ago. The startup does not disclose revenue or other financials, but this round values the business above $1.5 billion pre-money. LetGo has grown through consolidation in the category, including its 2016 merger with rival Wallapop. With Naspers/OLX as a lead investor, the company may look to leverage a larger global footprint beyond its current U.S. and Spain focus. LetGo operates a mobile-first marketplace that helps users buy and sell used goods, using computer vision and machine learning to auto-identify, title and categorize items. The app has about 75 million downloads, 'tens of millions' of active users, and roughly 200 million listings in the last two years. Messaging is a core feature, with about 3 billion messages sent to date (roughly 9 million per day). The product is free to download and use; its only paid feature today is an optional promoted-listing fee, and the company says it is exploring other value-added monetization ideas. CEO Alec Oxenford said revenue potential is huge and the company is focused on building a profitable business while prioritizing the user experience. LetGo emphasizes simplicity and a mobile-first workflow to reduce friction in posting items and drive growth. letgo is a mobile-first marketplace that lets users post items for sale in seconds by taking a photo; its proprietary AI and image-recognition automatically titles and categorizes listings. The free app has 45M downloads and 20M monthly active users, and letgo said it will top $23B in annual user transactions within six months. The company reported active user growth of 359% in 2016 and a more than 960% increase in daily items posted by sellers. letgo plans to use new funding to accelerate U.S. and international expansion and to boost investment in artificial intelligence and image recognition. Founded in 2015, the company has offices in New York City and Barcelona and was cofounded by Alec Oxenford and Jordi Castello (with Enrique Linares joining soon after). letgo is a mobile-first marketplace that lets users post, buy, and sell items locally via a highly visual app with integrated chat. Since launching in February 2015 the app has been downloaded over 2 million times, with users posting more than 500,000 listings and exchanging nearly 3 million messages. The company reports the total gross merchandise value of those offline transactions is over $25 million. letgo is free to download and use; the founder declined to detail the company’s business model or current revenue generation plans. The New York and Barcelona-based startup plans to use new capital for an aggressive U.S. marketing push, to expand its U.S. footprint and to grow its 39-person team. Founder Alec Oxenford, who previously co-founded OLX and remains its chairman, is leveraging his classifieds experience as letgo targets U.S. users.

Total raised

$875M

Funding rounds

4

Latest round

Equity

Latest activity

Aug 2018