Classifieds Site, OLX Raises $13.5 Million

Posted Apr 12, 2008

OLX is a classifieds site that has listings of vehicles, services, jobs, real estate, personals, and classes.  OLX makes it easy to quickly design HTML listings, send and accept PayPal payments, promote classifieds on social networks and blogs, search for items around various cities and view the site in different languages.

The company has raised $13.5 million Series B from DN Capital, Founders Fund, General Catalyst Partners, and Bessemer Venture Partners.  OLX has raised a total of $23.5 million to date.  The same venture capitalists that provided OLX with the second round of funding were also a part of the 1st round.

About 11 months ago, OLX announced a partnership with Friendster.  This was around the same time that Facebook announced that they are launching a classifieds section as well.

OLX is a New York-based private company that launched in March 2006 by Fabrice Grinda and Alec Oxenford.  Fabrice previously started a company called Zingy, a mobile ringtones company–which was acquired by For-Side for $80 million in 2004.

About 1 million new classifieds are added to OLX per month and the website receives over 200 million pageviews per month.   OLX solely depends on Google Ads to make money since adding classifieds are free.

Information Source:
[1] TechCrunch: Craigslist Competitor OLX Raises $13.5M by Mark Hendrickson