Dallas Based 5Miles Raises $30 million

Former Dallas New Tech presenter and Craigslist alternative 5Miles has raised $30 million from Dallas and Chinese investors. The news comes on the heels of $330 million in recent exits, solidifying the strength of the Dallas-Fort Worth startup economy.

“The app averages 30,000 downloads a day, and the company estimates its users sold about $1 billion in secondhand goods last year. More than 500 cars are sold on 5miles daily, [chief financial officer] Chan said. “We believe we’re one of the most active sellers of cars online.”

Congratulations to Lucas Lu and the team at 5Miles!

Read more at Dallas News. Photo courtesy of Jeeper’s Media.

Michael Sitarzewski

Michael Sitarzewski is the Publisher of Launch DFW, co-founder and CEO of Epic Playground, Inc., makers of inboundgeo. He is a veteran entrepreneur (and a TechStars Cloud alum) with a specific focus on Web-based software and services. Sitarzewski has been a part of the internet startup culture since 1994 and has had two exits along the way. After a seven years in the Boulder, Colorado startup community, Michael returned to Dallas, Texas, in 2013 where he’s focused on growing and increasing the visibility of the burgeoning Dallas startup community. He is the EIR at The DEC, a mentor in the RevTech accelerator, and leads several events in the Dallas area. Sitarzewski considers helping people understand and leverage technology his life's work.