Popular App letgo Receives $500 Million in New Funding
Naspers has committed to invest $500 million of new capital into letgo, an app used to buy and sell locally, $150 million of which was transferred. Naspers cited letgo’s extraordinary growth and market opportunity as key factors.
The three-year-old startup also disclosed that its app passed 100 million downloads, 400 million listings and six billion messages sent between users, with most of its users located in the U.S., and that the number of monthly listers on its marketplace has grown 65 percent since 2018, primarily driven by increased engagement and retention.
letgo’s app combines image recognition with intuitive design to make buying and selling secondhand much easier. According to the company, 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. comScore’s most recent U.S. mobile report ranks letgo second among the fastest growing apps in the US.
letgo said the new financing will be used to accelerate its growth, product evolution, expansion into new verticals, and monetization efforts.