Letgo, the online marketplace that lets you sell used items, just raised $100 million in Series D funding at a $1.2 billion valuation. The round included funds from existing investors 14W, New Enterprise Associates, Insight Venture Partners, FJ Labs, Eight Roads Ventures and Accel Partners.
The app appeals to users who are clearing out their home, whether it’s to relocate or just de-clutter. In just a few steps, they can place an item — say, a gently used couch or bike — for sale. Sound familiar? That’s because marketplace giants like Craigslist already offer services like this. Letgo is unique in that it’s a mobile-first platform that uses machine learning and requires only a photo and a description to help users make a big sale.
This is another instance of a startup taking on a major industry and succeeding — in about a year’s time, letgo has raised $275 million and merged with European-based Wallapop, and shows no signs of slowing down.
“We’re exploring a number of other ideas to monetize, particularly through value-added services for users,” CEO Alec Oxenford told TechCrunch. “Revenue potential for Letgo is huge and we are focused on building a profitable business, but our top priority will always be ensuring Letgo remains a great place to buy and sell.”
The app currently has 75 million downloads and 200 million listings since it launched in 2015.
Image via Shutterstock
Know of a company that deserves coverage? Let us know or tweet us @builtinnewyork.
