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5miles, the Dallas and Beijing-based challenger to Wallapop and Craiglist has secured $30 million in new investment as it celebrates its first year in business this month.
The 1-year-old 5miles mobile marketplace app has managed to attract more than 5 million users (averaging 30,000 downloads a day) and is continuously working towards becoming a major player in the local online classified advertising business that’s been long dominated by Craiglist.
Its list of investors now includes IDG, Morningside, Blue Lake, and SIG-China (part of the Susquehanna Investment Group). In addition, individuals who have worked with or have ties with e-commerce giants like eBay and Alibaba have also invested in the app....
Even the mighty Craigslist is susceptible to disruption.