letgo

{{Infobox website

| name = Letgo

| logo = Letgo logo.png

| logo_size = 120px

| caption = Letgo app icon

| company_type = Private

| location_city = New York City and Barcelona{{cite news|last1=Lomas|first1=Natasha|title=Wallapop and LetGo, two Craigslist rivals, merge to take on the U.S. market, raise $100M more|url=https://techcrunch.com/2016/05/10/wallapop-and-letgo-two-craigslist-rivals-plan-merger-to-take-on-the-u-s-market/|accessdate=14 April 2018|publisher=TechCrunch|date=10 May 2016}}{{cite news|last1=Hopland|first1=Sindre|title=Barcelona Marketplace Merger: Wallapop + Letgo = Letgo|url=http://www.barcinno.com/barcelona-marketplace-merger-wallapop-letgo/|work=Barcinno|accessdate=14 April 2018|date=12 May 2016}}

| founder = Alec Oxenford
Jordi Castello
Enrique Linares

| type = Online classifieds

| language = English, Czech, Spanish, Brazilian Portuguese, Italian, Norwegian, Swedish, Croatian, Turkish

| foundation = {{start date|2015|01}}

| industry = Marketplace, App

| current_status = Active only in Turkey, Spain, and Norway

| successor = OfferUp (for North America)

| homepage = {{url|https://www.letgo.com}}

| native_clients = iOS and Android

}}

Letgo (stylized letgo) is a company that provides a website and app that allows users to buy from, sell to and chat with others locally. The products launched in 2015.{{cite news|title=South Africa's Naspers Backs Smartphone Start-Up Letgo|url=https://www.nytimes.com/2015/09/04/business/dealbook/south-africas-naspers-backs-smartphone-start-up.html?_r=1|work=The New York Times| date=3 September 2015 |accessdate=17 December 2015}}

History

Launched in January 2015 by Alec Oxenford, former CEO of OLX, the app initially targeted the U.S. market, competing against eBay and Craigslist, the online marketplace leaders since the 1990s.{{Cite news|url=http://fortune.com/2015/09/03/letgo-ebay-funding/|title=A new app with 2 million users just raised $100 million to take on eBay|date=2015-09-03|website=Fortune|access-date=2016-06-18}}{{Cite web|url=http://www.finsmes.com/2016/05/letgo-merges-with-wallapop-raises-100m.html|title=letgo Merges with Wallapop; Raises $100M|date=2016-05-12|website=FinSMEs|access-date=2016-06-18}}{{Cite news|url=https://www.artsy.net/article/artsy-editorial-meet-the-argentinian-tech-entrepreneur-who-started-his/|title=Meet the Argentine Tech Entrepreneur Who Started His Own Emerging-Art Incubator|last=Gleeson|first=Bridget|date=2015-05-27|access-date=2016-06-14|website=Artsy}}{{Cite web|url=https://techcrunch.com/2016/05/11/naspers-plants-a-flag-in-u-s-with-new-venture-group/|title=Naspers Plants a Flag in U.S., with New Venture Group|last=Loizos|first=Connie|website=TechCrunch|date=11 May 2016 |access-date=2016-06-18}}

In May 2016, the company merged with Wallapop, another mobile classifieds startup.{{Cite news|url=https://techcrunch.com/2016/05/10/wallapop-and-letgo-two-craigslist-rivals-plan-merger-to-take-on-the-u-s-market/|title=Wallapop and LetGo, two Craigslist rivals, merge to take on the U.S. market, raise $100M more|last1=Lunden|first1=Ingrid|date=2016-05-10|access-date=2016-06-18|last2=Lomas|first2=Natasha|website=TechCrunch}} Letgo remained the majority owner of the company and the brand remained Letgo.{{Cite web|url=http://www.marketwatch.com/story/letgo-buys-fellow-mobile-classifieds-startup-wallapop-2016-05-12|title=Letgo buys fellow mobile classifieds startup Wallapop|last=Geron|first=Tomio|website=MarketWatch|date=12 May 2016 |access-date=2016-06-18}} At the time, there were about 10 million monthly active users between the two apps, according to SurveyMonkey data published by TechCrunch.{{cite news|last1=Shieber|first1=Jonathan|title=Letgo raises $175 million for its used goods marketplace|url=https://techcrunch.com/2017/01/17/letgo-raises-whopping-175-million-financing-for-its-used-goods-marketplace/|accessdate=2 May 2017|work=TechCrunch|date=17 January 2017}}

From its launch, the company did not charge for its services, earning no revenue, as part of its strategy to grow quickly.{{cite news|url=https://techcrunch.com/2017/01/17/letgo-raises-whopping-175-million-financing-for-its-used-goods-marketplace/|title=Letgo raises $175 million for its used goods market|last1=Shieber|first1=Jonathan|date=17 January 2017|accessdate=8 October 2018|publisher=TechCrunch}} As of June 2018, the listing service remained free, but the app added a paid beta feature allowing users to place their sales item above organic search results.{{cite web|url=https://www.feedough.com/letgo-business-model-how-does-letgo-make-money/|title=LetGo Business Model: How does LetGo Make Money?|last1=Pahwa|first1=Aashish|website=Feedough.com|date=2 October 2017 |accessdate=8 October 2018}}

Three quarters of the first round investment of $100 million was slated for marketing.{{Cite news|url=https://www.nytimes.com/2015/09/04/business/dealbook/south-africas-naspers-backs-smartphone-start-up.html|title=South Africa's Naspers Backs Smartphone Start-Up Letgo|last=Merced|first=Michael J. De La|date=2015-09-03|newspaper=The New York Times|access-date=2016-06-15|issn=0362-4331}} The ad agency Crispin Porter + Bogusky Miami created a television ad campaign for the app, directed by filmmaker Craig Gillespie. Each advertisement is premised on an extreme situation, such as a person dangling over a cliff who might plunge down because he's holding on to a bowling ball, where the sensible thing to do is to let go of the item.{{Cite news|url=http://www.fastcocreate.com/3056269/how-startup-letgo-aims-to-help-americans-get-rid-of-their-useless-stuff|title=How Classifieds Startup Letgo Aims To Help Americans Get Rid Of Their Useless Stuff|date=2016-02-08|access-date=2016-06-19|publisher=Fast Company|language=en-US|website=Co.Create}} CP+B Miami also created a series of four ads allowing customers to incorporate images and descriptions of their items for sale directly into a satirical video ad, such as one featuring action film star Dolph Lundgren as a mercenary.{{Cite web|url=http://digiday.com/brands/letgos-new-tool-lets-users-make-blockbuster-ads-sell-junk/|title=Letgo's new tool lets users make blockbuster ads to sell their junk - Digiday|last=Dua|first=Tanya|date=2016-04-21|website=Digiday |language=en-US|access-date=2016-06-19}}

The app launched in Canada in October 2016 and in Norway in November 2016.{{Cite news|url=https://www.theglobeandmail.com/report-on-business/letgo-smartphone-app-looks-to-disrupt-online-classifieds-market-in-canada/article32588433/|title=Letgo smartphone app looks to disrupt online classifieds market in Canada|access-date=2017-01-02|newspaper=The Globe and Mail}}{{Cite news|url=http://e24.no/digital/gr-nder/argentinsk-seriegr-nder-gaar-til-kamp-mot-finn-no/23837662|title=Argentinsk seriegründer går til kamp mot finn.no|last=Moe|first=Sigrid|newspaper=E24|access-date=2017-01-02}}

In September 2019, Naspers spun off its investments in Letgo into a separate company, Prosus.{{cite news |last1=Drozdiak |first1=Natalia |title=Naspers Prepares to List Global Empire From Ads to Tencent |url=https://www.bloomberg.com/news/articles/2019-09-06/naspers-prepares-to-list-global-empire-from-ads-to-tencent |accessdate=30 October 2019 |publisher=Bloomberg |date=9 September 2019}}

In March 2020, competitor OfferUp announced they would be acquiring Letgo.{{Cite web|url=https://www.geekwire.com/2020/offerup-raises-120m-will-acquire-rival-letgo-olx-group-40-combined-entity/|title=OfferUp raises $120M, will acquire rival Letgo; OLX Group to own 40% of combined entity|date=2020-03-25|website=GeekWire|language=en-US|access-date=2020-03-26}} As of September 21, 2020, Letgo officially became a part of OfferUp.{{Cite web|title=letgo is now part of OfferUp!|url=http://help.offerup.com/hc/en-us/articles/360045196832|access-date=2020-10-02|website=OfferUp Support|language=en-US}}

Growth

By September 2015, the company said its app had two million downloads and half a million product listings. Comscore said it was the second-fastest growing app in the U.S., in 2017.{{Cite news|url=https://techcrunch.com/2018/08/08/letgo-the-2nd-hand-shopping-app-raises-another-500m-at-over-a-1-5b-valuation/|title=LetGo, the 2nd-hand shopping app, raises another $500M at over a $1.5B valuation|work=TechCrunch|access-date=2018-09-10|language=en-US}} As of January 2018, the app had about 75 million downloads, compared to 30 million in August 2016.{{Cite news|url=https://www.bloomberg.com/news/articles/2016-08-25/ebay-rival-letgo-touts-sales-growth-as-vcs-foot-the-bill|title=EBay Rival Letgo Touts Sales Growth as VCs Foot the Bill|date=2016-08-25|newspaper=Bloomberg.com|access-date=2017-01-02}} It had 200 million listings for secondhand goods and about three billion messages were exchanged between users.{{cite news|url=https://techcrunch.com/2018/01/22/letgo-takes-on-craigslist-with-addition-of-housing-listings/|title=Letgo takes on Craigslist with addition of housing listings|last1=Perez|first1=Sarah|date=22 January 2018|accessdate=14 April 2018|publisher=TechCrunch}} The company said it had monthly repeated visitors in the "tens of millions". In August 2018, the company reported the app had more than 100 million downloads and 400 million. Listings were up about 65% during the first eight months of 2018.{{Cite news |url=https://techcrunch.com/2018/08/08/letgo-the-2nd-hand-shopping-app-raises-another-500m-at-over-a-1-5b-valuation/|title=LetGo, the 2nd-hand shopping app, raises another $500M at over a $1.5B valuation|work=TechCrunch|access-date=2018-09-10|language=en-US}}

Funding

The company raised US$100 million in 2015, one of the five largest first rounds of venture capital financing since 2008. Following a merger in May 2016 with Wallapop, a competitor with a reported valuation of about $570 million, the company raised an additional $100 million. As of September 2017 the company valuation was more than $1 billion. By that time, it had raised $375 million in total capital.{{cite news|url=http://www.businessinsider.com/letgo-app-buy-sell-used-items-online-2017-9|title=Billion-dollar startup Letgo is becoming the go-to app for selling your stuff — here's how it works |last1=Hartmans|first1=Avery|date=20 September 2017|accessdate=14 April 2018|work=Business Insider}} In August 2018, it raised $500 million from Naspers.{{cite news|url=https://www.nytimes.com/2018/08/14/technology/venture-capital-mega-round.html|title=$100 Million Was Once Big Money for a Start-Up. Now, It's Common.|last1=Griffith|first1=Erin|date=14 August 2018|accessdate=8 October 2018|work=The New York Times}}{{cite news|url=https://www.bizjournals.com/newyork/news/2018/08/16/secondhand-marketplace-appletgo-scores-500m-from.html|title=Secondhand marketplace app Letgo scores $500M from Naspers|last1=Noto|first1=Anthony|date=16 August 2018|accessdate=8 October 2018|work=Biz Journals}}{{clear}}

Corporate affairs

= Leadership =

Letgo is managed by CEO and Co-founder Enrique Linares Plaza. Other key executives are:{{Cite web|url=https://craft.co/letgo/executives|title=Letgo CEO and key executive team|last=|first=|date=|website=Craft|archive-url=|archive-date=|access-date=25 February 2020}}{{Cite web |date=2019-09-19 |title=letgo Appoints First CPO and CFO |url=https://www.businesswire.com/news/home/20190919005699/en/letgo-Appoints-CPO-CFO |access-date=2020-02-25 |website=Business Wire |language=en}}

Alec Oxenford, Co-founder
Jordi Castello, Co-founder
Josh Crossick, Chief Product Officer
Rahim Lakhani, Chief Financial Officer
Pedro Mestriner, Head of Strategic Partnerships and Market Development

=Product=

{{CSS image crop

|Image = Letgo_feed.png

|bSize = 180

|cWidth = 100

|cHeight = 170

|oTop = 60

|oLeft = 40

|Location = right

|Description = Letgo feed

}}

The app and website facilitate buying and selling used goods. The marketplace, optimized primarily for smartphones, features large photos of products for sale.{{Cite news|url=https://techcrunch.com/2015/09/03/mobile-app-letgo-raises-100-million-from-naspers-to-take-over-classifieds-in-the-u-s/|title=Mobile App Letgo Raises $100 Million From Naspers To Take Over Classifieds In The U.S.|last=Perez|first=Sarah|date=2015-09-03|access-date=2016-06-14|website=TechCrunch}} No log-in is required. Goods are displayed based on the geolocation closest to the buyer. The app is integrated with instant chat functionality.

In 2018, the company added video listings and image recognition that includes pricing suggestions. A housing section was also added.{{Cite news|url=https://www.theverge.com/2018/1/22/16920308/letgo-housing-sales-rentals-app-update-craigslist-competitor|title=Craiglist competitor Letgo adds housing sales to its secondhand marketplace|last=Gartenberg|first=Chaim|date=22 January 2018|work=The Verge|access-date=22 January 2018|publisher=Vox Media}}