Tuesday, January 26, 2016

5miles Finds $30M For Mobile Marketplace

Dallas-based 5miles, a startup which lets users find secondhand items for sale near them from others, has raised $30M in a round of funding, the company said today. The Series B+ funding came from Blue Lake, IDG, Morningside and SIG-China, along with angels. 5miles, which also has operations in Beijing, China, said it has over 5 million users using its enabled $81M in local transactions in December, and says it had $1 billion in gross merchandise volume in its first year. The company has now raised more than $50M in funding. 5miles is taking aim at such competitors as Craigslist with its mobile app.