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Venture Capital

EBay Rival Letgo Touts Sales Growth as VCs Foot the Bill

Garage sale apps are moving onto Craigslist and EBay’s turf.

The long reign of Craigslist and EBay is under assault from several startups offering mobile apps to ease the process of buying and selling used stuff over the internet. The upstarts, with backing from venture capitalists, are moving aggressively and threatening to squeeze the leaders' profit margins.

Letgo, an e-commerce startup with offices in Barcelona and New York, said it's on track to reach $13.2 billion in gross merchandise value this year. The figure, which refers to the total value of goods sold through the service, is not a perfect proxy for the health of a business, but it shows Letgo is approaching more mature and well-known brands.