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.
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.