Hi Team,
Since last August you've heard the management say "we are an apps first company". I wanted to share a little bit about why this is so important and why we need to continue to transform our apps into best in class products to make sure we don't have a threat from companies like this....
In Spain, Wallapop has taken the 18-24 year old market away from #1 Milanuncios.com and #2 Segundamano.es, both are Schibsted companies.
In Mexico, Schibsted has invested significantly over the past 5 years to get Segundamano.mx to the #1 position. Today they do about 1 million daily visits. However, now Wallapop, which launched in Mexico just last fall, has more daily Approved Ads (NNL) than Segundamano.mx.
And finally, they are now funded...
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Wallapop Is Poised To Disrupt Classifieds. Back in November rumors surfaced in the Spanish-speaking press that little known Wallapop — a second hand marketplace mobile app for spanning pictures of your stuff and selling it locally — has raised $40m. Now Wallapop is in the process of raising a huge new round, at $100m, with Fidelity Growth Partners and multiple super angels involved, along with Accel. Competitors to Wallapop include OfferUp, a Seattle-based competitor, is trying to raise $60-$100m, and Toronto-based VarageSale. Another player in Europe is Balderton-backed social shopping app, Depop, which raised an $8m Series A this January. Wallapop may soon have a sizable a war chest — of up to $140m, which would potentially give it up to a $1bn valuation — and is gunning for the classified ads market with a vengeance.
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When I return from Oslo, I'll be organizing a Town Hall and other meetings to share the learnings and insights from my trip.