Mobile marketplace app 5miles pulls in $30 mln


Dallas and Beijing-based 5miles, a mobile marketplace app, has raised $30 million in funding. The company’s investors include Blue Lake, IDG, Morningside and SIG-China.

PRESS RELEASE

DALLAS, Jan. 26, 2016 /PRNewswire/ — 5miles, one of the nation’s fastest-growing mobile marketplace apps, has secured $30 million in new investment, the latest round of funding for a company that celebrated its first year in business this month.

The Dallas- and Beijing-based startup has acquired over 5 million users (averaging 30,000 downloads a day). Among its investors are Blue Lake, IDG, Morningside and SIG-China (part of the Susquehanna Investment Group). In addition, individuals with ties to ecommerce giants, Alibaba and eBay, have invested recently in 5miles.

“We can’t imagine a better way of celebrating our first anniversary than with renewed confidence and support from our investors,” said Garwin Chan, 5miles CFO. “We’re proud of the operation we’ve created, and especially grateful for the loyal, growing base of buyers and sellers from all over the country who’ve been able to connect. We are excited to see them successfully transact with one another through our marketplace.”

The Series B+ financing brings total investment in the startup to more than $50 million. In its first year, 5miles eclipsed 4 million users and $1 billion in gross merchandise volume. In December alone, 5miles facilitated $81 million in local transactions of secondhand goods. This record sum does not include 5miles’ unique offerings of services, housing and job listings.

“We have been following 5miles’ progress since the beginning of 2015, and have been very impressed with the company’s rapid growth and the innovation they have brought to local sellers and buyers,” said Alex Yin, co-founder and general partner at Blue Lake Capital. “We very much look forward to working with the company as they continue to expand.”

5miles launched in Dallas in January 2015. Since then, the app, which now counts buyers and sellers in major markets coast-to-coast, has ranked routinely in the top 10 of all shopping apps on Google Play as well as a growing adoption rate with iOS users via the App Store.

To learn more, visit 5milesapp.com.

About 5miles
5miles is a hyper-local mobile marketplace app, one of the nation’s fastest-growing online shopping ventures in only a year of operation. It is the first app of its kind to include services, housing and jobs, in addition to second-hand trading. Putting a premium on safety and security, 5miles does not permit personal information on an item description, offering instead a proprietary messaging system that keeps contact information private. For more information, visit 5milesapp.com.

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