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letgo Receives $500M New Funding Commitment from Naspers

August 8, 2018

NEW YORK--(BUSINESS WIRE)--Aug 8, 2018--letgo, the biggest and fastest growing app to buy and sell locally, announced today that Naspers has committed to invest $500M of new capital into the company, $150M of which was transferred earlier this summer. Naspers cited letgo’s extraordinary growth and market opportunity as key factors. letgo said the new financing will accelerate its growth, product evolution, expansion into new verticals and monetization efforts as it continues to make secondhand e-commerce an even bigger part of the sharing economy. The 3-year-old startup also disclosed that its app has passed 100M downloads, 400M listings and 6B messages sent between users, with most of its users located in the U.S. The number of monthly listers on its marketplace has grown 65 percent since the beginning of 2018, primarily driven by increased engagement and retention.

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letgo cofounders (left to right) Alec Oxenford, Enrique Linares and Jordi Castello (Photo: Business Wire)

letgo has quickly built one of America’s most popular apps by combining technology like image recognition with intuitive design to make buying and selling secondhand much easier. Posting anything from a mountain bike to a video game console is as effortless as taking a photo because letgo’s technology automatically suggests a title, price and category. The company’s emphasis on simplicity is a major reason why comScore ’s most recent U.S. mobile report ranks letgo second among the fastest growing apps in the U.S.

“We are extraordinarily fortunate to have investors who believe so strongly in our vision and team,” said letgo cofounder Alec Oxenford. “We are fueling unprecedented growth in the secondhand economy through meaningful innovation. Our app makes it simple for tens of millions of buyers and sellers to connect in their own neighborhoods so they can put more money in their pockets, declutter their lives and put their space to better use.”

“letgo has established itself as one of the most promising startups in the world by injecting excitement, new technology and fresh thinking into a space that’s lacked all of the above for decades in the U.S.,” said Martin Scheepbouwer, CEO of OLX Group, through which Naspers has invested in letgo.

Naspers has built a global reputation as one of the world’s largest and most successful investors in internet startups through its stakes in Tencent, Flipkart and others.

About letgo

With over 100M downloads and 400M listings,  letgo  is the biggest and fastest growing app to buy and sell locally. One of America’s most popular apps, letgo’s marketplace is filled with everything from electronics, cars and collectibles to housing, clothing and furniture. With innovative features like image recognition, video listings and letgo Reveal, the free app makes it easy to list what you don’t need and find great deals nearby on anything you do. Listing something is as simple as taking a photo because letgo’s technology automatically suggests a title, price and category. letgo was founded in 2015 by Alec Oxenford and Jordi Castello, with cofounder Enrique Linares joining soon after.

Named among the “Hottest Startups” by Wired and “Best Apps” by Google, letgo has raised capital from Naspers, Accel, Insight Venture Partners, New Enterprise Associates, 14W, Eight Roads Ventures, Mangrove Capital Partners and FJ Labs. The company’s offices are located in New York and Barcelona. For more information, visit  letgo.com  and download letgo’s app for  Android  and  iOS  devices.

About Naspers

Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media.

Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, Codecademy, eMAG, Flipkart, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, Swiggy, Twiggle, and Udemy.

Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent ( www.tencent.com; SEHK 00700), Mail.ru ( www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited ( www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero ( www.deliveryhero.com; Xetra: DHER)

Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN). For more information, please visit www.naspers.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180808005445/en/

CONTACT: letgo

Jonathan Lowe

Jon@letgo.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY CONSUMER ELECTRONICS ONLINE RETAIL INTERNET MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE RETAIL

SOURCE: letgo

Copyright Business Wire 2018.

PUB: 08/08/2018 10:05 AM/DISC: 08/08/2018 10:05 AM

http://www.businesswire.com/news/home/20180808005445/en

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