With a pitch for its users to just let go of the things they no longer need, the online used goods marketplace letgo has managed to grab on to $175 million in new financing.
Since its launch in 2015, the would-be Craigslist killer has raised at least $325 million to tackle the U.S. market.
It’s been growing a blistering clip, to over $20 billion in gross merchandise value sold on the platform, up from just $25 million in the months following its launch.
The investor group that came in to finance the company in its last round (and to help back the merger of letgo with rival Wallapop) remains intact, for the Series C investment. It includes original investor Naspers, and 2016 entrants Insight Venture Partners, Accel, the stealthy New York-based venture firm 14W, Eight Roads Ventures, Mangrove Capital Partners and FJ Labs.
The company’s valuation is now approaching $1 billion, according to published reports, and brings letgo to the top of a very crowded heap of entrants in the classified space.
As we reported last year, competition for used goods listings is heating up with a number of big investments and large commitments from online powerhouses creating rivals.