“We began with aggressive marketing on Oct. 17, 2015… and back then very few people were aware of Letgo,” co-founder Alec Oxenford told Forbes.
“Today, we have surpassed the 45 million downloads milestone a couple weeks ago and a third of all listings are sold.”
Letgo offers users the usability of an online marketplace with the convenience of being able to access it on their mobile phone. Users simply take photo of their car, boat or jewellery and post it on the online marketplace.
As a result, Letgo and Seattle-based OfferUp, have emerged as the leaders, sacrificing immediate revenue in an attempt to attract the most buyers and sellers possible.
Neither marketplace takes a cut of any transaction on its platform, with OfferUp, the older of the two, stating that it had 29 million downloads last September. Back then, the company was also on track to facilitate the transaction of $14 billion worth of goods in 2016.
The latest round of funding, which included investment firms such as Naspers , Accel and New Enterprise Associates, brings Letgo’s lifetime funding to $375 million.