letgo Acquisition, Valuation, Funding & Investors
letgo was acquired by OfferUp in March 2020.
About letgo
Letgo was a pioneering mobile-first classifieds marketplace designed for users to buy and sell secondhand goods locally. Its North American operations officially merged with OfferUp in 2020, and its standalone app in that region was absorbed into the OfferUp platform. The brand still operates as an independent, highly popular marketplace in Turkey.
Founded
2015
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Advertising
Valuation
$2B (Aug 2018)
letgo Acquisition
letgo was acquired by OfferUp for an undisclosed price on 26 March 2020.
Before the acquisition letgo had raised $975M across 5 funding rounds.
Letgo was a New York-based mobile marketplace platform that enabled users to buy and sell used goods locally, competing primarily with OfferUp, Craigslist, and Facebook Marketplace. The company had raised $975 million in total funding over seven rounds, including a $500 million Series E in August 2018, at which point it was valued at $1.5 billion. Letgo employed over 300 people and maintained international operations outside North America. In March 2020, OfferUp announced a strategic combination with Letgo whereby OfferUp would acquire Letgo's U.S. operations while Letgo's international business would remain separately owned and operated by OLX Group (Letgo's majority investor). The deal was structured as part of a broader transaction in which OLX Group led a $120 million investment round in OfferUp, securing a 40% stake in the combined entity. OfferUp CEO Nick Huzar would continue as CEO and chairman of the merged operation. The combined entity would serve over 20 million monthly active users across both platforms. Neither company disclosed the acquisition price or valuation for Letgo itself as part of this deal. OfferUp had previously raised $380 million in total funding from investors including Andreessen Horowitz and Warburg Pincus. The acquisition was subject to regulatory approval and was expected to close in May 2020, ultimately completing on September 21, 2020.
| Acquirer | Date | Type |
|---|---|---|
| 26 Mar 2020 | Strategic M&A |
letgo Valuation
letgo is currently valued at $2B, based on its Series E in August 2018.
The $500M round was led by Prosus.
letgo's valuation has grown 2.0x from $1B at its Series B in May 2016 to $2B in August 2018, across 4 priced rounds.
letgo valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2018 | Series E | $2B |
| Sep 2017 | Series D | $900M |
| Jan 2017 | Series C | $1B |
| May 2016 | Series B | $1B |
letgo Funding History
letgo has raised a total of $975M across 5 funding rounds.
letgo's first fundraising round was a $100M Series A in September 2015. The most recent completed round was a $500M Series E in August 2018.
letgo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2018 | Series E | Prosus (lead) | $500M | $2B | Letgo is an app-based marketplace for second-hand goods, enabling local buying and selling, competing with eBay, Craigslist, OfferUp, and Facebook. It merged with rival Wallapop in 2016 for scale and launched housing listings prior to the round. On August 8, 2018, Letgo raised $500 million from Naspers (now part of Prosus), with $150 million transferred earlier that summer; prior backers include Accel, Insight Venture Partners, NEA, and others. A source confirmed the valuation exceeded $1.5 billion pre-money, up from around $1 billion when it raised $100 million previously. The funding aimed to fuel growth in core second-hand sales and new areas like housing. By 2018, Letgo had raised about $975 million total. The company reported tens of millions of users connecting locally. Post-round developments include Naspers spinning off Letgo investments into Prosus in 2019. In 2020, OfferUp acquired Letgo, with OLX Group (Prosus) owning 40% of the combined entity; Letgo's non-U.S. operations stayed with OLX. |
| Sep 2017 | Series D | - | $100M | $900M | Letgo is a mobile marketplace app for buying and selling used goods, emphasizing simplicity and user empowerment, competing with platforms like Craigslist and eBay. By September 2017, it had achieved rapid growth with 75 million downloads, tens of millions of active users, and 200 million listings. The company merged with Spanish rival Wallapop in 2016 for scale and had raised prior rounds including $175M earlier in 2017 and $100M in 2015, totaling $375M by late 2017 with investors like Accel, Insight Venture Partners, NEA, and Naspers. On or around September 28, 2017, Letgo raised $100M in a Series D round led by existing investors including Naspers (Prosus Ventures), at a pre-money valuation of $900M, implying a post-money valuation over $1B. TechCrunch reporting a valuation exceeding $1B. The funds were part of expansion efforts, with three-quarters of an earlier similar round allocated to marketing via campaigns by Crispin Porter + Bogusky. At the time, Letgo prioritized user growth over monetization, offering free listings and exploring value-added services, with CEO Alec Oxenford emphasizing profitability long-term. The company continued raising, including a $500M Series E in August 2018 at $1.5B valuation, before U.S. operations were acquired by OfferUp in 2020 and a later acquired-II event in 2023. |
| Jan 2017 | Series C | FJ Labs; New Enterprise Associates; 14W; Prosus; Mangrove Capital Partners; H14; Eight Roads Ventures; Insight Partners; Accel | $175M | $1B | letgo is an online used goods marketplace app launched in 2015, designed as a Craigslist competitor with a focus on easy photo-based listings, geolocation, and no user fees to drive rapid growth. By January 2017, it had raised $175 million in a Series C round from investors including 14W, Accel, Eight Roads Ventures, FJ Labs, H14 (likely a reference to 14W), Insight Partners, Mangrove Capital Partners, New Enterprise Associates, and Prosus (Naspers), bringing total funding to at least $325 million. The round valued the company approaching $1 billion, positioning it as a unicorn contender in the crowded classifieds space. The platform achieved explosive growth metrics around the round: over $20 billion in gross merchandise value (GMV) sold, up from $25 million post-launch, 45 million app downloads, and 20 million monthly active users. An early strategy of not charging users fueled this adoption, with founder Alex Oxenford emphasizing activity metrics over monetization. This round followed a 2016 merger with rival Wallapop and prior investments from the same core group. Competition intensified with players like OfferUp (which raised $93 million) and 5miles (backed by Alibaba). letgo later introduced paid features in 2018 but remained free for basic listings. By September 2017, valuation exceeded $1 billion with $375 million total raised; an August 2018 round reached $1.5 billion valuation and $975 million total funding before acquisitions in 2020 and 2023. |
| May 2016 | Series B | FJ Labs; New Enterprise Associates; BlackPine; NextView Ventures; 14W; Prosus; H14; Eight Roads Ventures; Insight Partners; Accel; Northzone | $100M | $1B | Letgo is a mobile app-based marketplace for buying and selling used goods locally, emphasizing simplicity with AI-powered image recognition for listings. It competes with eBay, Craigslist, OfferUp, and Facebook Marketplace, differentiating through geolocation and minimal steps for posting items. The company merged with Spanish rival Wallapop in May 2016 to gain scale, prior to this funding. In September 2017, Letgo quietly raised $100 million from existing investors including 14W, Accel, Eight Roads Ventures, FJ Labs, Insight Partners, NEA, NextView Ventures, Northzone, and others (Naspers via Prosus), at a post-money valuation over $1 billion. This brought total funding to $375 million. The round occurred about 9 months after a $175 million raise and 15 months post-Wallapop merger, funding further expansion amid rapid growth with 75 million downloads, tens of millions of active users, and 200 million listings. Letgo was among the fastest-growing U.S. apps per comScore. Subsequent developments included a $500 million raise in 2018 from Naspers at over $1.5 billion pre-money valuation. |
| Sep 2015 | Series A | Prosus (lead) | $100M | - | letgo is a mobile app for buying and selling second-hand goods locally using geolocation, launched in early 2015, based in New York and Barcelona, competing with Craigslist, eBay, Wallapop, and OfferUp by facilitating peer-to-peer transactions offline without fees at the time. In 2015, Naspers (later rebranded under Prosus) invested $100 million in a Series A round announced around September 3, 2015, described as one of the largest first rounds since 2008, with plans to allocate $75 million to marketing and $25 million to expand engineering and marketing teams from 39 employees. letgo merged with Wallapop in 2016, raised $500 million from Naspers in 2018, was spun off by Naspers into Prosus in 2019, and acquired by OfferUp in 2020. |
Who has invested in letgo?
12 investors have backed letgo across its funding rounds, including Prosus, Accel, New Enterprise Associates, Insight Partners, FJ Labs and Eight Roads Ventures.
Lead investors include Prosus.
letgo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Amsterdam | 4 | Lead | Sep 2015 | |
| New York City, NY | 2 | Participant | May 2016 | |
| San Francisco, CA | 2 | Participant | May 2016 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} 14W | United States | 2 | Participant | May 2016 |
 Italy | 2 | Participant | May 2016 | |
 London | 2 | Participant | May 2016 | |
| New York City, NY | 2 | Participant | May 2016 | |
| Palo Alto, CA | 2 | Participant | May 2016 | |
 Hong Kong | 1 | Participant | May 2016 | |
| United States | 1 | Participant | May 2016 | |
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Start Free Trialletgo Competitors
letgo competitors include listed companies like Baltic Classifieds Group and Vend Marketplaces, and private ones like Ganji, Whop, Carousell and Trax.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Beijing | Private | - | - | $1.6B | - | |
| New York City, NY | Private | $142M | - | $1.6B | 11.3x | |
 Singapore | Private | $50M | - | $1.1B | 22.0x | |
 Lithuania | Publicly listed | $102M | $79M | $1.1B | 10.9x | |
 Norway | Publicly listed | $673M | $19M | $5.1B | 7.1x | |
| London | Private | - | - | $2B | - |
letgo Public Comps
letgo is no longer listed, but its public comps include Ziff Davis, TX Group, Lime, ACV Auctions, Visional, GO, eFinance, Urban Company, CarTrade Tech and Liquidity Services.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.5B | $335M | 0.9x | 1.0x | 3.8x | 3.3x | |||
| $1.1B | $310M | 2.1x | 2.1x | 7.2x | 8.1x | |||
| $887M | $87M | 2.2x | - | 22.2x | - | |||
| $760M | ($19M) | 2.3x | 2.1x | (89.6x) | 24.8x | |||
| $515M | $157M | 3.3x | 2.6x | 10.8x | 9.3x | |||
| $266M | $49M | 5.4x | 5.3x | 29.4x | 24.7x | |||
| $130M | $67M | 11.8x | - | 22.8x | - | |||
| $162M | ($26M) | 14.4x | 12.3x | (90.6x) | (72.0x) | |||
This data is available for Pro users. Sign up to see all letgo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about letgo
| When was letgo founded? | letgo was founded in 2015. |
| Where is letgo headquartered? | letgo is headquartered in United States. |
| Is letgo publicly listed? | No, letgo was acquired by OfferUp in March 2020. |
| Who acquired letgo? | letgo was acquired by OfferUp in March 2020. |
| What is letgo's valuation? | letgo was last valued at $2B in its Series E in August 2018. |
| How much funding has letgo raised? | letgo has raised $975M across 5 funding rounds. |
| What was letgo's last funding round? | letgo's last funding round was a $500M Series E in August 2018, led by Prosus. |
| Who are letgo's investors? | letgo's investors include Prosus, FJ Labs, New Enterprise Associates, 14W, H14, Eight Roads Ventures, Insight Partners, Accel, BlackPine, NextView Ventures and 2 others. |
| Which companies are comparable to letgo? | Companies comparable to letgo include Ganji, Whop, Carousell, Baltic Classifieds Group, Vend Marketplaces and Trax. |
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