Swap.com lands EUR 19 million funding
Online consignment store Swap.com has closed a 19 million-euro investment round.
This represents one of the largest investment rounds in the Nordic start-up scene.
Founded in Finland and currently operating in the USA, Swap.com has been growing 180 per cent year-over-year. The company has over 1.5 million unique items in stock. Its operations are housed in a 360 000 square foot state-of-the-art logistics centre in Bolingbrook, Illinois.
“There’s a staggering amount of unused, pre-owned merchandise with an estimated value of more than 100 billion dollars annually,” states company CEO & co-founder Juha Koponen. “And while there is a large demand for secondhand items, the merchandise has not been moving mostly because there hasn’t been a practical or convenient way to purchase these items online. With more than 30 per cent of Americans shopping in thrift and consignment stores each year, we have an incredible opportunity to make an impact.”
The round was led by eEquity from Sweden, bringing Swap.com’s total equity funding to 46 million euros.