TechCrunch
Originally Posted: January 26, 2016
Can a mobile classified app topple the behemoth that is Craigslist? We’ve asked the question before (more than once, in fact), and it looks like it may be in order again: 5miles, an app developed in China but being rolled out in the U.S. first as a quick way for people to list and buy items locally, has raised $30 million in funding to beat the classifieds leader at its own game. It has a couple of ace cards in its hand to help: 5miles was created to be mobile-first; it comes with some AI-based vetting features; and it costs absolutely nothing to use.
This latest round, a Series B, brings the total raised by the company to over $50 million. With this latest funding, 5miles’ valuation is over $300 million, TechCrunch understands.
5miles first launched in the U.S. in January 2015 after being founded by Lucas Lu, a physics PhD who had also worked at Alibaba and was a CTO at Chinese marketplace app Light in the Box. Although the app was built in China, Lu had done graduate work at Southern Methodist University, so when it came to launching the app he went back to Dallas as a starting point. READ MORE