International classifieds site OLX, which calls itself "the largest free-classifieds site no one's ever heard of" (at least in the United States), has raised $5 million in a third round of venture funding from Indian venture capital firm Nexus Capital India, according to TechCrunch. OLX, which is based in New York and Buenos Aires, Argentina, has now raised a total of $28.5 million since it was started in March 2006.
Founder Fabrice Grinda tells TechCrunch that the funds will be used for acquisitions and continued global expansion. Over the years, OLX has invested in Chinese free classifieds site Edeng.cn and has also purchased Hispanic classifieds site Mundoanuncio.com. It competes with Craigslist as well as eBay-owned Kijiji.
By Joseph Tartakoff