With a pitch for its users to just let go of the things they no longer need, the online used goods marketplace letgo has managed to grab on to $175 million in new financing.
Since its launch in 2015 , the would-be craigslist killer has raised at least $325 million to tackle the U. S. market.
It’s been growing a blistering clip, to over $20 billion in gross merchandise value sold on the platform, up from just $25 million in the months following its launch.
The investor group that came in to finance the company in its last round ( and to help back the merger of letgo with rival Wallapop ) remains intact, for the Series C investment. It includes original investor Naspers, and 2016 entrants Insight Venture Partners, Accel, the stealthy New York-based venture firm 14W , Eight Roads Ventures, Mangrove Capital Partners and FJ Labs.
The company’s valuation is now approaching $1 billion, according to published reports, and brings letgo to the top of a very crowded heap of entrants in the classified space.
As we reported last year, competition for used goods listings is heating up with a number of big investments and large commitments from online powerhouses creating rivals.
