Alec Oxenford | |
---|---|
Nationality | Argentinian |
Education | Universidad Católica Argentina, BA; Harvard, MBA |
Occupation | Entrepreneur |
Website | https://us.letgo.com/en |
Alec Oxenford, is an entrepreneur and art patron[9][10][11] who co-founded OLX, one of the largest online classified marketplace in world,[12] with 330 million users worldwide,[13] and founded letgo, a mobile classified ad app in the United States, which in 2017 had 75 million downloads and a $1 billion company valuation.[14]
Raised in Argentina,[9] Oxenford received a BA in Business Administration from the Pontifical Catholic University of Argentina and an MBA from Harvard University.[15]
He previously worked for the Boston Consulting Group[16] and was the CEO of DeRemate.com, an online trading platform in Latin America, which sold to eBay.[17] The story of the founding of DeRemate and its sale to eBay is include in the book Six Billion Shoppers: The Companies Winning the E-Commerce Boom by Peter Erisman.[18] He also co-founded DineroMail.com.[10]
A 2014 article in Fortune Magazine characterized him as a "CEO rock star of sorts" in South America, known for his "staunch contrarianism".[19] Investopedia said in 2015 he was one of the top 5 most successful entrepreneurs in Latin America. [20]
In 2006, Oxenford and Fabrice Grinda co-founded OLX. OLX operates in 45 countries,[21] with 330 million users and 60 million listings a month.[13] It is the larges online classified ads company in 35 countries,[13] including India, Brazil, Pakistan, Poland[14], Portugal and Ukraine.[22]
In 2010, a majority of the company was acquired by the South African group Naspers, with Oxenford remaining CEO through 2014.[23]
Oxenford adopted a "Martian approach" to international expansion, launching in India, the largest available market, rather than in the United States or his home country of Argentina.[24] He also invested heavily in television advertising, arguing that adoption of the internet by more than three billion people makes it more effective as a driver of traffic to websites or apps than it was during the early dot-com period, when website advertising didn't work.[23]
The story of Oxenford's founding of OLX is told in the 2017 book Los Nuevos Reyes Argentinos by Sebastián Catalano,[25] with an overview in La Nación.[26]
Oxenford started letgo in 2015 as a smart-phone focused marketplace for buying and selling used goods in the United States, which had 75 million downloads in 2017.[27] The company raised at least $375 million, as of 2017.[27]
Oxenford said that letgo is competing with eBay and Craig's List, but with goods displayed based on the geo-location closest to the buyer instead of reverse chronological order[28] and, with integrated chat.[23] He said there was a market for letgo that there had not been much innovation in person-to-person classified in the United States.[29]
In September 2015, Oxenfors raised $100 million in financing to back the company from Naspers, the majority owner of his other company, OLX.[28]. Oxenford said he raised a very large round, one of the five largest between 2008 and 2015, because of the size of the opportunity. He said he planned to spend three quarters of the funding on marketing.[28] He raised an additional $100 million in 2016.[30] and merged with competitor Wallaopop the same year. [31] Oxenford raised $175 million more for letgo in February 2017.[32]
In September, 2017, Oxenford reportedly raised another $100 million for letgo at a $1 billion valuation. He said at the time that letgo's growth was being driven by the simplicity of the application.[14]
Oxenford was interviewed by CNN en Español in 2008 about emerging internet technologies.[33] He appeared as a guest on a cooking show on Canal Metropolitano Television in 2009, where he discussed OLX.[34] He was profiled by CNN Espanol on the 10th anniversary of OLX[35] and interviewed by CNN Dinero about letgo in March 2017.[36] He was also interviewed by CNN Dinero about doing business in Argentina.[37]
Oxenford appeared on Bloomberg television when letgo raised $175 million in February, 2017.[38] He was interviewed in a CNBC segment about letgo on September 20, 2017[39] and a Cheddar (TV channel) segment about letgo, also on September 20, 2017.[40]
Aside from investing, Oxenford devotes considerable time to the art world.[41] He was named president of the Asociación de Amigos del Malba (Friends of MALBA) in 2001. (MALBA is the Latin American Art Museum of Buenos Aires.)[9]
In 2013, Oxenford became the president of the arteBA Foundation, the nonprofit that organizes the arteBA art fair, a Latin American annual event which draws 100,000 visitors an features over 500 artists. Oxenford introduced Photobooth Citi at the fair, dedicated to contemporary photography, and expanded Barrio Joven Chandon, the part of the fair dedicated to emerging artists.[9] arteBA is the third most attended art fair in the world, after Art Basel in Miami and ARCO in Madrid.[10]
As a collector, Oxenford focuses on Argentinian artists, such as Liliana Porter, Eduardo Navarro, Carlos Huffmann and Martin Legon.[9] His collection includes about 280 pieces and was selected with the help of three advisors.[11]
In a 2015 essay in TechCrunch, Oxenford argued that investment in tech companies in emerging markets was dramatically underfunded.[42] In a 2014 essay in Recode, he argued that in the emerging world, instead of "mobile first", users were "mobile only" and the companies which failed to build a "fundamentally mobile option" would be displaced by competitors.[43]
Oxenford has appeared as a speaker at Jóvenes Líderes in 2010,[44] the Web 2.0 Conference in 2015,[45] Red Innova in 2014,[46] 2015,[47] and 2016,[48] Art Basel in 2016,[49] ArteBa in 2017,[50]
Oxenford received the CNN Internet Leader Award in 2001 and the Entrepreneur Award in 2003. He was elected Young Global Leader by the World Economic Forum in 2006.[51]