Mobile marketplace letgo has raised $175m in a new Series C round funding led by investors such as Naspers, Accel, Insight Venture Partners, New Enterprise Associates, and 14W.
With 20 million monthly active users and 45 million app downloads, letgo expects more than $23bn in annual user transactions over the next six months.
The firm intends to utilise the financing to bolster its growth in the US and other countries, as well as increase its current investment in artificial intelligence and image recognition sectors.
Letgo co-founder Alec Oxenford said: “letgo has caught on faster than any of us could have anticipated, but our goal remains much bigger, to build the largest secondhand marketplace in the world.
“This new funding will bring us much closer to that vision. We are powering a fast-expanding secondhand economy that benefits not just buyers and sellers, but also the environment. letgo already helps tens of millions of users globally think used before they think new.”
letgo app uses its proprietary artificial intelligence and image recognition technology to auto-title and categorise an item posted by the seller.
Founded in 2015 by Alec Oxenford, Jordi Castello and Enrique Linares, letgo enables users to sell items such as clothing, cars, electronics and furniture.
Image: letgo cofounders (left to right) Alec Oxenford, Enrique Linares and Jordi Castello. Photo: courtesy of letgo.