What is 5miles? 5miles Review

5miles is a well-known e-commerce platform in the United States. This application pushes second-hand goods within 5 miles of the user based on the user's geographic location.

About 5miles

· 5miles was founded in 2014 by Lu Liang, the former CTO of LightInTheBox. It is headquartered in Dallas, USA and Beijing, China, and officially entered the US market in January 2015. As of July 2017, 5miles has more than 12 million users. Among all e-commerce apps in the United States, its user return rate ranks among the top three, and it has long been ranked in the top ten e-commerce categories in the Android and iOS markets in the United States.

·5miles is an e-commerce platform based entirely on mobile terminals, mainly providing second-hand goods trading services, as well as O2O functions such as finding services, finding houses, and finding jobs.

·5miles is committed to becoming a convenient and secure C2C trading platform.

·5miles’ main users are in the United States, and it is also distributed in several other countries such as the United Kingdom, Australia, Spain, and Mexico in South America. The next step is to expand into the Southeast Asian market. 5miles’ goal is to go global.

model

5miles is positioned as the overseas "58.com + Taobao". As an information and transaction platform, it connects individual sellers and buyers, mainly trading second-hand goods. 5miles' products do not trade second-hand goods based on a certain user group or relationship, but are purely based on geographic location, pushing second-hand goods within 5 miles to users, and transactions can only be made in person.

Founder Profile

Lu Liang, former CTO of LightInTheBox, founder of 5miles, and current CEO of 5miles.

Lu Liang graduated from the Department of Modern Physics of the University of Science and Technology of China in 1996, and received his Ph.D. in particle physics from SMU (Southern Methodist University) in the United States in 2005.

Lu Liang once worked for Taobao. He was the first general manager of Taobao Mobile and the general manager of Wasu Taobao (joint venture) (later repurchased by Alibaba).

Lu Liang joined LightInTheBox in 2011 as CTO, restructured the technical architecture, and helped LightInTheBox go public on the New York Stock Exchange in 2013, becoming the first Chinese e-commerce company to be listed in the United States. Lu Liang then resigned and went to the United States to start his own business, founding 5miles in 2014.

Blockchain CyberMiles Project

1. Background: In 2017, 5xlab, a subsidiary of 5miles, launched the CyberMiles (CM) smart business contract blockchain project.

2. Content: CM has established 12 major categories and 371 subcategories of commercial contract customization templates, and can support the rapid creation of smart contracts, which can be directly applied to the business scenarios in our daily lives. Compared with traditional blockchains, CM can not only carry applications well, but its development community can also construct a new blockchain based on CM, so as to establish its own public or private blockchain.

Development History

-In 2014, Lu Liang founded 5miles.

-In 2014, 5miles completed a multi-million dollar Series A financing round led by SIG Asia.

-In January 2015, 5miles officially entered the US market.

-In December 2015, 5miles’ monthly transaction volume exceeded US$81 million.

-In 2016, 5miles received a USD 30 million Series B+ funding round led by Sanren Capital, Blue Lake CAPItal and other funds.

-In 2016, 5miles was successfully shortlisted as one of the top ten mobile e-commerce platforms in the United States, becoming the only Chinese company in the US mobile e-commerce platform.

-In 2016, 5miles achieved a total transaction volume of more than US$3 billion.

-In 2017, 5miles’ 5xlab laboratory officially launched the smart business contract blockchain CyberMiles.

-In January 2017, 5miles ranked in the top ten in the US e-commerce platform rankings released by the authoritative monitoring platform Similar Web.

-As of February 2017, 5miles had 11 million users.

-In 2017, 5miles generated more than $3 billion in transactions and is one of the most popular shopping apps on Android and iOS.

-As of July 2017, 5miles has more than 12 million users and ranks among the top three in terms of user return rate among all e-commerce apps in the United States.