Swap.com, the largest online consignment store for kids' items, today closed a $4 million Series A round. Participating investors include Cleantech Invest Plc. and angel investors Ari Hypponen (first employee at FSecure Corporation), Ahti Heinla (Skype founding engineer) and Jaan Tallinn (Skype and Kazaa founding engineer), among others.
"Swap.com has become the largest online consignment store for kids' items. Our goal is to establish ourselves as the clear leader in the online consignment space. This new funding allows us to grow faster and more aggressively." says Dr. Juha Koponen, Swap.com CEO and CoFounder.
Also investing in the round is Marc Onetto, former Senior Vice President of Worldwide Operations and Customer Service at Amazon.com, and member of the board at Flextronics, the global electronics manufacturing services company. The investment is part of his commitment to join the Board of Advisers of Swap.com.
“Swap.com delivers an outstanding experience for the customers in terms of item quality and ontime delivery, which is unparalleled in the consignment store business. This is the foundation of their explosive growth and they have the potential to become a hundred billion dollars company." Marc says.
"Thanks to his extensive background and experience in highly efficient ecommerce operations and customer service, Marc is a perfect adviser to Swap.com" says Jussi Koskinen, CoFounder and Chairman of the Board of Swap.com. "I am a big fan of how Amazon does business and applying Marc's expertise to the consignment model will help us maintain our competitive advantage", Jussi continues.
Swap.com’s revenues have consistently grown at an average rate of 20% monthovermonth since the service was launched in early 2013. The company currently has a $2.5 million run rate.
Swap.com recently expanded into a new 66,000 sq ft fulfillment center in Bolingbrook, IL. The service now offers a selection of over 150,000 items, and is adding more than 50,000 new items every month.
"The consignment model combined with our extremely efficient fulfillment services provide both sellers and buyers the best possible deal: sellers get most value from their unused items while buyers get great products at astonishing prices" says Juha Koponen.
Swap.com redefines consignment services and makes the process of trading of preowned items more convenient, safe and profitable than ever before. It currently carries baby and kids' clothes, baby gear, toys and games, as well as maternity wear. Swap.com is based in Bolingbrook, Illinois. The service was launched in 2013.