LetGo, a marketplace for people to buy and sell used goods, raised $100m in funding.
The round reportedly brught the company valuation to over $1 billion.
Existing backers participated in the round. To date, the company has raised $375m from Naspers, Accel, Insight Venture Partners, New Enterprise Associates, 14W, Eight Roads Ventures, Mangrove Capital Partners and FJ Labs.
Founded in 2015 by Alec Oxenford and Jordi Castello, with cofounder Enrique Linares joining soon after, letgo provides an app for Android and iOS devices to buy and sell locally everything from electronics, cars and collectibles to clothing, furniture and other home décor. The app, which has hade 75M downloads and hundreds of millions of listings to date, enables people to sell what they don’t need and find deals nearby on what they do. It automatically titles and categorizes a seller’s listing using artificial intelligence and image recognition. Users can browse local listings, chat instantly in the app, and view each other’s profiles, ratings and reviews.
The company is headquartered in the Netherlands, with offices in New York and Barcelona.