South Africa's Naspers invests $100M in smartphone start-up Letgo

Alec Oxenford, Founder, Letgo

The world of online marketplaces may already seem crowded with the likes of and the Alibaba Group.

But a new start-up is betting that it can find its own niche — and it has drawn a huge amount of financing to buttress its efforts.

Letgo, which operates a smartphone-focused market for secondhand goods, plans to announce on Thursday that it has raised $100 million in its first major round of venture capital financing.

Letgo’s total puts it in the top five biggest such rounds since 2008, according to data from CB Insights.

Read more: South Africa’s Naspers Backs Smartphone Start-Up Letgo – The New York Times