Pre-owned apparel and household products e-retailer Swap.com has secured $20m in new financing, bringing its total equity funding to more than $50m.
The financing round was led by Swedish private equity firm eEquity with three other investors.
Swap.com claims to have an inventory with 1.5 million products, including clothing, sporting goods and toys.
Swap.com chief executive officer and co-founder Juha Koponen said: “There’s a staggering amount of unused, pre-owned merchandise with an estimated value of more than one hundred billion dollars annually.
“While there is a large demand for secondhand items, the merchandise has not been moving mostly because there hasn’t been a practical nor convenient way to purchase these items online.
“With more than 30% of Americans shopping thrift and consignment stores each year, we have an incredible opportunity to make an impact.”
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The retailer intends to use these funds for brand building, and improving efficiency in the fulfillment centre and recruitment.
Swap.com chief marketing officer Rich Lesperance said: “Expanding our team in downtown Chicago is one of our top priorities.
“Besides being one of the fastest growing e-commerce companies in the Chicago area, a unique advantage of joining Swap.com is the opportunity to make a positive impact on the world.
“While we work hard, we all have fun doing it because we know that we are creating a healthier society and helping the environment.”