Craigslist Competitor OLX Receives $5 Million in Funding
OLX -- The largest international classified site on the web -- raises an additional $5 million making the total raised to date $28.5 million.
New York City, NY (PRWEB) May 10, 2009 -- OLX -- the largest international classified site on the web -- raises an additional $5 million making the total raised to date $28.5 million.
Only Classified Site to Operate in 87 Countries and 39 Languages; Funding to Support Company's Aggressive Global Growth Strategy And Continued Technology Leadership
OLX, the Craigslist for the rest of the world, has raised $5 million in funding from Nexus India Capital. OLX raised $13.5 million in Series B funding in April 2008 from General Catalyst Partners, Bessemer Venture Partners, Founders Fund and DN Capital, bringing the total raised to date to $28.5 million. OLX raised an undisclosed Series A round of $10 million in September 2006 with the same VCs and various angels participating.
"In the past three years, OLX has grown to 125 employees, launched in 87 countries in 39 languages, completed four acquisitions, including the purchase of Mundoanuncio, made an investment in Edeng and signed major partnership agreements to run classifieds for third parties such as Friendster," said Fabrice Grinda, founder and CEO of OLX. "This new investment will enable us to continue to grow rapidly through a combination of site improvements, continued global deployments, new acquisitions and more aggressive marketing."
OLX is the next generation of free online classifieds and has over 50 million unique monthly visitors per month and 400 million page views per month. With OLX, it's simple to sell, buy, trade, discuss, organize and meet people near you, wherever you reside. On OLX you can:
| | - Easily design rich colorful listings with pictures and videos
- Control your selling, buying, and community activity in My OLX
- Display your listings on your social networking profile (Facebook, Myspace)
- Access the site from your mobile phone
- View OLX in your local language
|
Since OLX is the first classified site to merge Web 2.0 functionality with the ease of use and simplicity of traditional online classifieds sites, almost 2 million new ads are posted on OLX every month.
About OLX
OLX is an internet company based in New York, NY and Buenos Aires, Argentina with over 125 employees in New York, Buenos Aires, Beijing, Delhi and Moscow. The OLX website hosts free user-generated classified advertisements for urban communities around the world and provides discussion forums sorted by various topics. OLX gained prominence upon announcing a partnership with Friendster, the popular social networking website. The story was covered by dozens of media publications, including the New York Times, and was a topic of debate among bloggers. The company was co-founded in March 2006 by Internet entrepreneurs Fabrice Grinda and Alec Oxenford. Fabrice previously founded Zingy, a mobile ringtones company that sold to For-Side for $80 million in May 2004. Alec previously founded DeRemate, a leading online auction website in Latin America. DeRemate sold to MercadoLibre.com, an eBay affiliate, in November 2005. Alec is also a member of the World Economic Forum's List of Young Global Leaders. As of January 2009, OLX is available in 87 countries and 39 languages. OLX operates two leading online classifieds networks hosted at www.olx.com and www.mundoanuncio.com. For more information, visit: www.olx.com
Press Contact:
Fabrice Grinda
Co-CEO, OLX, Inc.
+1 917 371 5441
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