"Craigslist 2.0" OLX Raises $13.5 Million

Peter Kafka | April 12, 2008 11:42 AM

fabrice.jpgOLX, an attempt to create a network of Craigslist-like sites around the world, has raised a $13.5 million B round from General Catalyst, Bessemer Venture Partners, Founders Fund and DN Capital; last fall the company raised a $10 million A round.

CEO Fabrice Grinda (SA100 #59) has details at his blog, but to us the most interesting bit is Fabrice's frank discussion of the pros and cons of raising another round:

We thought long and hard about whether we should raise more cash. In the end, in light of our ambitions and the insurance it buys in a probable economic downturn, we felt that raising more cash was the best solution despite the incremental dilution and liquidation preference.

See Also: Startup Advice: How To Survive The Coming Drought

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