Swap.com Services Oy (the “Company” or “Swap.com”), the company behind the fast growing Swap.com ecommerce site, signed an agreement today for a EUR 19 million pre-IPO equity private placement through a funding round lead by eEquity and joined by three other investors. The proceeds will be used to finance Swap.com’s continued growth and support the Company’s development.
Swap.com is today the leading company in a fast growing online consignment segment of inexpensive pre-owned clothing in the US. The size of the addressable market is over USD 100 billion. Swap.com has this year a turnover of approx. USD 15 million. The proceeds from the equity placement will be used to strengthen the organisation by further building its brand and the technical and logistical platforms. The company is growing with an average quarterly growth rate of over 30 percent, which is expected to continue. Swap.com has 225 employees with the logistical warehouse in Bolingbrook, Chicago and a technical team in Helsinki, Finland.
Carnegie acted as a sole financial adviser to Swap.com Services Oy in the private placement.