5miles raises $30M for local commerce app - Mobile World Live

5miles raises $30M for local commerce app

28 JAN 2016

5miles, maker of a local marketplace app, secured $30 million in funding, which will be used to support its rollout in new and existing markets and add new features.

The company’s CFO, Garwin Chen, told Mobile World Live the company now has a valuation of approximately $300 million. The current round took total investments in the Dallas and Beijing-based startup to more than $50 million since it launched one year ago.

Funds will be used to expand its footprint to around 20 top metro markets in the US, deepen penetration in existing areas such as Dallas, Houston and Miami, and develop new features to drive buying and selling activities.

5miles will also continue to expand its team and bring in talent to join its “amazing growth story”.

In a statement, the company said it has acquired more than 5 million users, with an average 30,000 downloads a day. In December it enabled $81 million in local transactions of second-hand goods, not including its offerings of services, housing and job listings.

It claims to be ranked routinely in the top ten shopping apps on Google Play and has seen growing adoption rate from iOS users.

Among its investors are Blue Lake, IDG, Morningside and SIG-China (part of the Susquehanna Investment Group). Individuals with ties to Alibaba and eBay have also recently invested in 5miles.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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