Can Letgo slay Classified Ads Overlord Craigslist?
Is the New York and Barcelona-based Letgo app the only contender out there with the power to defeat classified ads superstar Craigslist? Well, at present they’ve quietly grown to 2 million downloads since the beginning of the year and have just announced raising $100 million in Series A funding from Naspers Limited, a media company from South Africa. They’ve also funded a classifieds platform called OLX which just so happens to be a company that was previously cofounded by Letgo founder Alec Oxenford. He’s still on the chair at OLX, a company that serves 240 million users in emerging markets in India, Brazil and Poland. This solid experience is what clearly motivated Naspers to throw down the cash on Letgo. Martin Scheepbouwer, CEO of Naspers Classifieds, in a statement about the investment in letgo. “We have seen firsthand Alec’s ability to execute on his vision as we worked together to build OLX into the global force it is today. In letgo, Alec has built a platform that is perfectly tailored to the American consumer, and we’re excited to help his team take it to the next level.” The app, which lets users buy and sell items locally is available on both Android and…
