US second-hand products website Letgo raises $100 million
today Oct 4, 2017
US classifieds website and app Letgo continues to boom in the second-hand products market, where it competes against the likes of e-Bay and Craigslist. Letgo has recently completed a new funding round worth $100 million (€85 million), which raised its valuation to just over $1 billion. The latest capital injection has once again raised the question of Letgo's expansion plans, notably in the international arena.
Letgo was launched in 2015 and just over a year ago it merged with Spanish competitor Wallapop. The online marketplace is currently experiencing one of the fastest growth rates among US start-ups, with over 75 million downloads, a 1,224% increase in site visits and a range of over 200 million second-hand products, notably apparel, on sale.
According to the TechCrunch website, Letgo is backed by a large pool of investors, including 14W, Accel, Eight Roads Ventures, FJ Labs, Insight Venture Partners, Mangrove, Naspers, NEA, NextView and Northzone. Letgo is different from its competitors chiefly for the increasingly small number of steps needed to put products on sale. Products are in fact defined and categorised by means of an AI scan of their pictures.
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