One of our competitors in the USA called “letgo” just raised USD $100M “To Take Over Classifieds In The U.S.” according to TechCrunch. We have of course seen, tried and been monitoring letgo’s progress over the past months. As for our regional competitors in Asia, I also feel about letgo, that is merely a “beautified Craigslist” on your phone. However, they must be having some Unique Value Proposition that convinced their investors to throw a very large amount of money at them.
The most interesting point though, is that we found these news through Owler which posted: letgo raised 100M funding in Series A from Naspers. Interestingly, swapit is mentioned as the #2 competitor to letgo. That is an honor to us and it absolutely validates our approach and vision for the second hand market. While we are focusing on Hong Kong and Asia regionally, as opposed to the USA like letgo.
We don’t ask for $100M (which would be great too, by the way). So for investors swapit could be a bargain right now. Check out our recent blog post: Seed Round Fund Raising has Started for SWAPIT Hong Kong