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Immigrant Profile: Alec Oxenford

Background

Alejandro Carlos “Alec” Oxenford is better known as the cofounder of the e-commerce success story Letgo, a major competitor of eBay and Craigslist until 2020, when it was acquired by its rival, OfferUp. Letgo allowed people who live close to one another to buy and sell products. Unlike eBay and Craigslist, it was a mobile-first marketplace rather than an online-first one, which made it particularly convenient for users on the go. In September 2020, it was acquired by OfferUp, on whose board Oxenford now sits.

Born into a wealthy family in Palermo, Argentina, in 1969, Oxenford spent much of his childhood traveling around the world, which gave him a cosmopolitan perspective. After the abduction of his maternal grandfather, Oxenford completed his primary education at a school in Brazil.

Immigration to the United States

Oxenford’s undergraduate degree is from the Pontifical Catholic University of Argentina, where he obtained a BA in business management. Eventually, Oxenford made his way to the United States and attended Harvard University for his MBA, which he completed with distinction in 1997. The experience he gained attending Harvard allowed him to envision dreams that would later become realities. He soon found himself in large, fast-moving organizations that quickly became profitable. Once he was able to awaken his abilities to create things, Oxenford became a success in his business ventures.

Professional Background & Achievements

Oxenford is a serial entrepreneur. Before his success with Letgo, he co-founded OLX, a large online marketplace that achieved great success. By 2014, the entrepreneur left his management duties at OLX and focused his efforts on Letgo. In 2020, Letgo merged with OfferUp, a similar mobile-first marketplace, and Oxenford joined the board of OfferUp. Oxenford also co-founded Alpha Capital, which launched in February 2021 with an initial valuation of $230 million. As of mid-2021, it is seeking Latin American tech companies to partner with, with the aim of supporting Latin American startups.

Contributions to the U.S. Economy

In 2016, Inc. magazine named Letgo one of the year’s “hottest startups,” and Google named it one of the year’s “Best Apps.” A featured commentator for the New York Times, CNN, Bloomberg, the Wall Street Journal, TechCrunch, and other outlets, Oxenford regularly advocates for American companies to be aware that in developing countries, users are not “mobile first” but rather “mobile only,” in that users’ connections to the internet are typically mediated only through their phones—and that companies that don’t recognize this fundamental fact in their marketing plans are putting their success at risk.

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EB-5 Program Update:

The EB-5 Program has lapsed. The US Congress is discussing the legislation that authorizes the program while USCIS reviews the regulations and policies for filing. Because of the recent court ruling that reversed the 2019 Modernization regulations, the investment level has shifted temporarily from $900,000 back to $500,000.

If the program is reauthorized before the regulations are updated, there may be another window of opportunity to file at $500,000.

LCR expects the program to be reauthorized in February 2022, and continues to work with international families that want to explore alternative residency options.

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