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§ Private Profile · 8150 North Central Expressway Dallas, Texas 75206 United States
A location-based mobile app and online marketplace for local buying and selling of second-hand goods, services, housing, and jobs.
Based in Dallas, Texas, 5miles operates a location-based mobile marketplace application that connects consumers to buy and sell second-hand goods, local services, housing, and job listings. The platform facilitates consumer-to-consumer e-commerce through visual browsing and secure messaging, monetizing its user base via premium placement fees, in-app advertising, and auction transaction fees from its 5miles Dash feature. The company has scaled to over 15 million registered users and maintains an estimated workforce of 51 to 200 employees. 5miles has raised approximately $62 million in total venture funding, reaching an estimated valuation of $300 million following a $30 million financing round in 2016. The enterprise is backed by prominent institutional venture capital investors, including IDG Capital, Morningside Ventures, Blue Lake, and Susquehanna International Group. 5miles was founded in 2014 by Dr. Lucas Lu.
5miles has raised $50.0M across 2 funding rounds.
5miles has raised $50.0M in total across 2 funding rounds.
5miles has raised $50.0M across 2 funding rounds. Most recently, it raised $30.0M Series B in January 2016.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 26, 2016 | $30M Series B | — | Blue Lake Capital, IDG Capital, Morningside, Susquehanna International Group | Announced |
| Jun 1, 2015 | $20M Series B | — | 5Y Capital | Announced |
5miles has raised $50.0M in total across 2 funding rounds.
5miles's investors include Blue Lake Capital, IDG Capital, Morningside, Susquehanna International Group, 5Y Capital.
5miles is a mobile-first local marketplace app that connects buyers and sellers within a 5-mile radius, offering a simple, visual platform for trading goods, services, housing, and jobs using GPS-based listings, integrated chat, and safety features like user verification.[1][2] Launched to fix issues in clunky, spam-filled marketplaces, it serves local communities in the US, making selling as easy as snapping a photo and shopping as engaging as social media browsing while keeping contacts private and promoting user reviews.[2] The company raised $35 million in funding, generated $6 million in revenue (as of 2024), and employed around 18 people, with its HQ in Dallas, TX (later noted in Orlando, FL), and engineering likely in China.[1][2]
(Note: Distinct from a separate Dutch microlearning platform called 5miles, which focuses on 5-minute data skills challenges for professionals; this profile centers on the US marketplace app matching the query's tech company description.)[3][4][5]
Founded in 2014 by Dr. Lucas Lu, 5miles emerged from frustration with existing online marketplaces that were hard to use, visually unappealing, and overrun by spammers and untrustworthy users.[2] Lu aimed to leverage smartphones for a trustworthy, local trading environment, starting with core features like photo-based listings and private messaging.[1][2] Early traction came from its user-friendly design and focus on hyper-local deals, scaling operations from Dallas HQ for product, marketing, and US growth, while tapping global engineering resources.[1] Pivotal moments included rapid user adoption in competitive US markets against Craigslist and OfferUp, supported by $35 million in funding to fuel expansion.[2]
5miles rode the rise of mobile commerce and gig economy trends in the mid-2010s, capitalizing on smartphone GPS ubiquity and demand for convenient, local alternatives to national e-commerce giants.[1][2] Timing was ideal post-Craigslist dominance but pre-OfferUp/Letgo surge, filling a niche for visual, safe peer-to-peer sales amid growing distrust in broad marketplaces.[2] Market forces like urban density, rising side-hustle culture, and privacy concerns favored its model, influencing the local commerce ecosystem by popularizing radius-based matching and user-centric safety—paving the way for competitors like Wallapop and Vinted.[1][2] It highlighted how tech could humanize classifieds, boosting community economies in the US.
With its proven model of simple, local mobile trading, 5miles could pivot to revitalized growth via AI-enhanced matching, expanded services, or international scaling beyond the US, especially as hybrid work revives neighborhood economies.[1][2] Trends like on-demand local delivery (e.g., integrated with gig apps) and Web3 trust layers (NFT-verified listings) may shape its path, potentially evolving from a standalone app to a commerce layer in social platforms. Its early influence on safe P2P markets positions it to regain momentum if leadership reignites post-peak activity, tying back to its core promise: turning phones into effortless community marketplaces.