letgo, a Netherlands-based mobile marketplace for secondhand goods, has merged U.S. operations with Wallapop, a mobile classifieds company.
Under the terms of the agreement, Wallapop’s U.S. operations will be absorbed into letgo. The combined entity will be majority owned and managed by letgo and will operate under the letgo brand on its platform.
Existing shareholders will also be investing $100M of new funds to grow the business.
Founded in January 2015 by Alec Oxenford and Jordi Castello with Enrique Linares joining as founding CEO soon after, letgo is a hyperlocal marketplace optimized specifically for mobile use and available on iOS and Android devices in the U.S. and worldwide. Features include search results that are automatically tailored to a user’s location, and instant chat that allows users to connect for free.
In 2015, the company raised $100M in Series A funding from Naspers Limited (JSE: NPN, LSE: NPSN).
It has offices in New York and Barcelona.
Founded in in 2013 by CEO Agustin Gomez in Barcelona, Spain, Wallapop operates a mobile C2C classifieds platform.
FinSMEs
12/05/2016