Letgo, the US-based mobile classified listings platform backed by e-commerce and media group Naspers, has secured $100m from undisclosed existing investors at a $1bn valuation, TechCrunch reported yesterday.
Letgo operates a classifieds app that enables users to buy or sell items to each other, and it is able to use artificial intelligence and image recognition technology to create a listing using only a photograph of the object.
The platform has been responsible for more than 200 million listings since it was launched in 2015, and the app has been downloaded in excess of 75 million times.
The round closed “about a week ago,” a source told TechCrunch, roughly the same time as CEO Alec Oxenford told the site: “We are exploring a number of other ideas to monetise, particularly through value-added services for users.
“Revenue potential for Letgo is huge and we are focused on building a profitable business, but our top priority will always be ensuring Letgo remains a great place to buy and sell.”
Letgo has now raised $475m altogether. Naspers provided $100m of funding for Letgo in 2015 and took part in another $100m round in May 2016 alongside undisclosed investors.
Naspers, Accel, Insight Venture Partners, New Enterprise Associates and 14W were among the participants in a $175m round Letgo closed in January 2017, the announcement of which also named Eight Roads Ventures, Mangrove Capital Partners and FJ Lab as investors in the company.