US-based mobile marketplace startup 5miles raised $30m in series B+ funding yesterday from investors including IT media and data firm International Data Group (IDG).
IDG invested alongside China-based venture capital firm Blue Lake Capital, investment firm Morningside Group, assorted undisclosed angel investors and SIG-China, a subsidiary of trading firm Susquehanna International Group.
Launched in Dallas, Texas in January 2015, 5miles’ hyperlocal marketplace app combines listings for second-hand trading together with services, housing and jobs. The company, which is co-based in Beijing, China, has more than five million users.
The funding, raised at a valuation of more than $300m according to TechCrunch, boosted 5miles’ overall funding to more than $50m.
Garwin Chan, chief financial officer of 5miles, said: “We are proud of the operation we have created, and especially grateful for the loyal, growing base of buyers and sellers from all over the country who’ve been able to connect. We are excited to see them successfully transact with one another through our marketplace.”
Dallas and Houston remain 5miles’ biggest markets but it has executed soft launches in a further 15 US cities, including Los Angeles, Boston, Philadelphia and New York, and now plans to raise additional funds with a view to expanding internationally, founder Lucas Lu told TechCrunch.
“We will continue to build out in existing markets so we will cover most of major cities in the US by the end of next year, 2017,” Lu said.