Founded in Barcelona in 2015 by Alec Oxenford, Jordi Castello and Enrique Linares, and based in New York and Barcelona, LetGo is a local buying and selling app that allows users to post, buy, sell and communicate with each other instantly and for free.
The app is available worldwide and is compatible with iOS and Android devices. It also has instant messaging and location-based search features that allow users to contact each other instantly for free.
With over 75 million downloads, 20 million monthly active users and 200 million sponsored ads in the last few years, LetGo is leaving its main competitor far behind. Wallapopwhich is having serious problems monetising its services. It is true that the base from which LetGo operates is in New York, but its founders are Spanish and their links with Wallapop make them much closer to the business in Spain than any other startup.
Since its founding in 2015, LetGo has already closed 5 rounds of funding, bringing it to a valuation that few could have imagined, amounting to $1,000M.
Letgo has closed a $100M round, backed by existing investors and led by the Internet giant Naspers Limited. The funds raised in the round, which values the company at $$1,000M, come 9 months after the company raised another $$175M, and around 15 months after it negotiated the merger of its US operations with Wallapop.
The company has raised $375M in its latest rounds backed by venture capital firms 14W, Accell, Eight Roads Ventures, FJ Labs, Insight Venture Partners, Mangrove, Naspers, NEA, NextView and Northzone.
These three major rounds of funding for LetGo in less than a year and a half are a good sign of how competitive online retail is right now. While Amazon and Walmart continue to struggle to dominate the sale of consumer goods from opposite starting points, LetGo is in the group of startups joining eBay's used goods selling model. LetGo's list of direct competitors includes OfferUp, Close5, 5miles and Facebook-owned Marketplace.
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