LetGo was founded in 2015 in New York, New York by Alec Oxenford, Jordi Castello, and Enrique Linares. The company operates a mobile phone app and a website that lists used items for sale.
The company is similar to OfferUp, eBay, and Craigslist in that clients contact each other to buy and sell (mainly) used items. LetGo has seen tremendous growth in a very short period of time. The company recently raised $175 million to invest in growth plans. The app has proven to be wildly successful, with 45 million downloads in the first 6 months of 2017, and annual transaction volume of $23 billion in the same time frame.
Apps like Letgo and OfferUp are direct competition to the cash positive Craigslist.
LetGo earns money via advertising and “bumping” client posts to the top of the page for periods of time. The app and listings are free unless clients wish to “bump” their post. A spokesperson for the company states there are currently 100 full-time employees. The app works in 25 countries, however, the company expects this to double by the end of 2017.