Online used goods marketplace raises $175 million in funding led by Naspers

Online used good marketplace Letgo has raised $175 million in new financing.

Since it launched in 2015, the company has raised at least $325 million in funding to take on the US market, according to a Techcrunch report.

It has also been growing at a blistering pace to gross over $20 billion in merchandise value, up from just $25 million in the months after it launched.

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Investors in this Series C round of funding include original investors Naspers, Insight Venture Partners, Accel, 13W, Eight Roads Ventures, Mangrove Capital Partners and FJ Labs. The company now has a $1 billion valuation.

So far, the letgo app has been downloaded 45 million times and it reaches 20 million monthly active users. “The kinds of metrics we care about are activity,” says founder Alex Oxenford, who also launched OLX with help from Naspers.

Oxenford says his experience at OLX has shaped his strategic decisions - which includes a reunion of sorts with a former OLX co-founder. Now, the company will be looking to consolidate its growth in the US market.