letgo raises $100M from media company Naspers - Mobile World Live

letgo raises $100M from media company Naspers

10 SEP 2015

letgo, maker of an iOS and Android app for buying and selling second hand items, raised $100 million in funding from media company Naspers.

The company plans to launch an “aggressive marketing campaign” focused on US consumers in the coming months.

Available globally, letgo is described as a “hyperlocal marketplace optimised specifically for mobile use”, with chat and geolocation-based search, allowing users to connect instantly and for free, “without the hassles and delays of email”.

According to founder Alec Oxenford, the platform’s technology “along with Naspers’ significant investment and support, our aggressive plan to grow the platform, and our shared experience building successful companies in this sector, will allow us to capitalise on an area of e-commerce that is poised for explosive growth”.

letgo says it has had more than 2 million downloads and total gross merchandise value of over $25 million. It is ranked in the top 10 free shopping apps in the Google Play store in the US, Sweden, Turkey, New Zealand, Norway, Italy and Spain.

Oxenford is also chairman of OLX, the online classifieds platform he co-founded in 2006, in which Naspers later acquired a majority stake.

OLX is popular in markets like India, Brazil and Poland, with around 240 million active users in over 40 countries.

Naspers also holds significant stakes in Tencent, Flipkart and Allegro.

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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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