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.
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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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By GlobalDataThe 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.”
