Classifieds Website OLX Raises $5 Million
In April 2008, the company raised $13.5 million in Series B funding from General Catalyst Partners, Bessemer Venture Partners, the Founders Fund, and DN Capital. The Series A funding was $10 million by the same investors and other angels. This brings their total funding at $28.5 million.
OLX is not as popular as Craigslist as of right now, but the company is growing in South America, India, China, and the Philippines. This round of funding will be used for additional acquisitions, global expansion, website improvements, and aggressive marketing.
The online classifieds market is really heating up as OLX has raised funding and eBay plans to acquire more companies in this sector in the near future.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry