5miles Closes USD30m round of funding

Mobile marketplace apps 5miles has secured USD30 million in new investment, the company said.

The Dallas- and Beijing-based startup has acquired over five 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.

The Series B+ financing brings total investment in the startup to more than USD50 million. In its first year, 5miles eclipsed 4 million users and USD1 billion in gross merchandise volume. In December alone, 5miles facilitated USD81 million in local transactions of secondhand goods. This record sum does not include 5miles´ unique offerings of services, housing and job listings.

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.

5miles is a hyper-local mobile marketplace app, one of the nation´s fastest-growing online shopping ventures in only a year of operation.