Nordic accelerator Cleantech Invest announced its participation in an underwriting consortium to back Swap.com’s upcoming investment round, with a 1.5M€ underwriting commitment. Previously the company received 19M€ from Swedish eEquity. Earlier investors also include business angels such as Marc Onetto, formerly a senior executive at Amazon, Cleantech Invest Plc, Finnvera, Tekes and Skype co-founders Ahti Heinla and Jaan Tallinn.
Swap.com is the largest online consignment store in the USA. The company strives to redefine consignment services by making the process of buying and selling pre-owned goods more convenient, safe, and profitable. Preventing waste by saving pre-owned clothes and accessories from ending up in landfills, shoppers can give their items a new life with the help of swap.com. Offering clothes, accessories, toys and games for babies, children, women and men, Swap.com is a one-stop shop the whole family can enjoy. The company is based in Chicago and Bolingbrook, Illinois and is the U.S. subsidiary of Swap Services Oy (previously Netcycler Oy), an international company based in Helsinki, Finland.
“Swap.com is a shining circular economy star. It is one of our first investments and an amazing growth journey has made them a leader in online consignment on the competitive American market. We see Swap.com as a strong IPO candidate with potential for exceptional value growth and broadening of their ownership base through a private placement supports achieving this target.” – commented Cleantech Invest CEO Alexander Lidgren.
The effective ownership of Cleantech Invest Plc in Swap.com is 5.5%. Cleantech Invest Plc and all of its affiliated companies own a total of 16.1% of Swap.com. The ownership does not take into account possible dilution from performance based options.