Hot on the heels of investing in US agritech startup Farmlogs, South African global Internet and entertainment company, Naspers has joined other investors in a US$175 million Series C investment round in U.S. mobile marketplace, letgo.
Launched in 2015, letgo has become the fastest growing mobile marketplace to buy and sell locally, reaching 20 million monthly active users and 45 million downloads of its free app.
letgo’s proprietary, advanced technology, allows users to post items for sale in only a few seconds by simply taking a photo, without typing a word or entering a price.
Users’ listings are auto-titled and categorized because the app uses artificial intelligence and image recognition – in fact, it’s the only app of its kind with such tech.
This tech is a major reason letgo is now one of the top ranked shopping apps in the U.S. and other countries, and why Google recently named it one of 2016’s “Best Apps.”
This fresh funds will be used to accelerate letgo’s U.S. and international growth and boost investment in areas such as artificial intelligence and image recognition.
“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,” said Alec Oxenford, co-founder of letgo.
He added, “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.”
Joining Naspers in the funding round are Accel, Insight Venture Partners, New Enterprise Associates, 14W and other unnamed investors.