Letgo takes over Wallapop, mobile classified startups

By : |May 13, 2016 0

Letgo, a mobile classifieds startup – the fastest-growing mobile marketplace for secondhand goods – is merging with another leader in the mobile classifieds sector, Wallapop. The company is raising $100 million in new financing from existing investors.

The merged entity will be majorly controlled and operated by Letgo and will work under the Letgo brand on the Letgo platform. Agustin Gomez, Wallapop co-founder and CEO said, “We see this merger as a game changer in the U.S. mobile classifieds competitive landscape.”

He further added, “Letgo and Wallapop share a chemistry and an aligned vision that were key in making this deal a reality.”

Letgo has already been downloaded more than 2 million times – with users in the U.S. and around the world posting more than 500,000 listings with a total gross merchandise value of over $25 million. Both Letgo and Wallapop, which are currently among the top shopping apps in the iOS and Android app stores, made the agreement when the consumer demand for a streamlined, modern and mobile-first alternative is increasing progressively.

Last year, Letgo announced that South African-based Naspers invested $100 million into the start-up.

Martin Scheepbouwer, CEO of Naspers Classifieds. “With this partnership in place, no one is better positioned than Letgo to capitalize on the immense opportunity for growth in U.S. classifieds,” said

“Since launching last year, Letgo has clearly tapped into the enormous and rising demand among consumers for a better way to buy and sell in their own neighborhoods,” said Letgo co-founder Alec Oxenford.

“That is exactly why we have grown so quickly – with millions of downloads and even more items listed for sale. We are excited to be working with Wallapop’s insightful leadership team, who saw these trends taking shape and entered the sector early. This partnership is a significant milestone for Letgo and the industry as a whole, and is a substantial advantage as we continue to scale nationally.”

Letgo was founded in January 2015 by Alec Oxenford, Jordi Castello, and Enrique Linares. Available on iOS and Android devices in the U.S. and worldwide, Letgo is a hyper local marketplace optimized specifically for mobile use.

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