letgo Receives $500M Commitment from Naspers

letgoletgo, a New York and Barcelona, Spain-based provider of an app to buy and sell locally, received a $500M commitment from Naspers.

Naspers has invested in letgo through OLX Group.

The company intends to use the new financing, $150M of which was already transferred earlier this summer, to accelerate growth, product evolution, expansion into new verticals and monetization efforts.

Founded in 2015 by Alec Oxenford and Jordi Castello, with cofounder Enrique Linares joining soon after, letgo a mobile app that combines image recognition with intuitive design to make the buying and selling secondhand process easier. Users can post everything from electronics, cars and collectibles to housing, clothing and furniture taking a photo and the technology automatically suggests a title, price and category.
The app has just passed 100M downloads, 400M listings and 6B messages sent between users.

Beyond Naspers, letgo’s backers include Accel, Insight Venture Partners, New Enterprise Associates, 14W, Eight Roads Ventures, Mangrove Capital Partners and FJ Labs.



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