Swap.com Receives $4 Million in Funding, Signs Marc Onetto as Adviser

We’re happy to announce that Swap.com, the largest online consignment store for kids’ items, today received an additional $4 million in funding from our current investors, Cleantech Invest Plc. (Nasdaq: CLEAN), Ari Hypponen (first employee at F­Secure Corporation), Ahti Heinla (Skype founding engineer) and Jaan Tallinn (Skype and Kazaa founding engineer), among others.

Also investing in Swap.com and joining our Board of Advisers is Marc Onetto, former Senior Vice President of Worldwide Operations and Customer Service at Amazon.com from 2006 to 2013, and member of the board at Flextronics, the global electronics manufacturing services company.

“Swap.com delivers an outstanding experience for the customers in terms of item quality and on­time delivery, which is unparalleled in the consignment store business. This is the foundation of their explosive growth and they have the potential to become a hundred billion dollars company.” Marc says.

We are tremendous fans of how Amazon.com does business, and with Marc’s expertise from his experience in arguably the most efficient and customer focused e-commerce company around, operations and customer service, we will be able to maintain our high level of customer satisfaction as we continue to grow and lead the consignment industry through 2015 and beyond.

What This Means for Our Customers

Over the past year, Swap.com has become the largest online consignment store for kids’, baby and maternity items. As we continue to establish ourselves as the leader in the online consignment space, this additional funding is going to allow us to invest more aggressively in our infrastructure, team and product to produce the best possible experience for our users.

“The consignment model combined with our extremely efficient fulfillment services provide both Sellers and Buyers the best possible deal: Sellers get most value from their unused items while Buyers get great products at astonishing prices.” – Juha Koponen, CEO.

Since we launched in early 2013, we have moved from a 6,000 sq ft space in Addison, IL, into our current 66,000 sq ft fulfillment center in Bolingbrook, IL. There are now over 160,000 items that sellers have listed on Swap.com, and we are adding an average of 50,000 new items every month.

Please send any press inquiries to pr@swap.com

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Swap.com Now the Largest Online Kids’ Consignment Store in the US

Swap.com Now the Largest Online Kids’ Consignment Store in the US

 

Addison, IL. 04/23/2014 – With 50,000+ items in its inventory, Swap.com has become the largest online kids’ consignment store in the United States. The company launched this service just over a year ago, and has been growing fast. “With more than 35 percent month-to-month growth this year, we are definitely the largest and also the fastest growing online consignment store,” explains Jussi Koskinen, Swap.com co-founder.

“The amount of inventory we carry now enables buyers to find kids’ clothes from all the major brands in any size,” states Michelle Thompson, Director of Customer Acquisition and Retention. “For example, we have 100 different Gymboree shirts in 5-year-old size and about the same amount of Gap pants in 12 to 24 month sizes. We plan to continue growing the selection by more than 10,000 items per month, to make it easy for customers to find what they’re looking for, quickly and easily.” Thompson, with more than a decade of experience in the kids’ consignment business, is keenly aware of the key ingredients needed to keep customers coming back to Swap.com. “Selection, prices and fast delivery are the most important things for our customers,” Thompson notes.

To accommodate this rapid growth, the company is in the process of expanding its fulfillment center, currently located in Addison, IL, into a 100,000 square feet facility.

Swap.com offers busy parents a convenient way to buy and sell kids’ items. Customers pack their items in a box and ship them to Swap.com, using a provided UPS shipping slip. Swap.com then photographs and lists the items on the customer’s account. Then, the customer can price the items and when they sell, the customer gets most of the proceeds. “The buying experience is similar to buying from Amazon: you add the items from various sellers to the shopping cart and checkout. We ship them to you within one business day,” says Koskinen. “Sellers are also really happy because their items sell really fast,” concludes Thompson.

Swap.com features baby and kids’ clothes, baby gear, toys and games, movies, video games and maternity clothes. In the online consignment model, the items are owned and priced by the customers, but the inspection, quality grading, photography, storage and shipping of the items is handled by Swap.com.

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The Value of $8.90

$8.90 is our very reasonable, introductory rate to use our service to sell and swap your extra kids’ items! You receive the below “valet” treatment:

  • Shipping your items (up to 30 lbs!) to our logistics center, you can print the label at home or we can mail it to you
  • Sorting through and making sets out of your items
  • Photographing your items with our hi-tech set-up. Great pictures sell!
  • Categorizing and listing your items on Swap.com for you to sell and swap

Swap.com is useful for me as I have a lot of items that I know have value, but I don’t want to have a garage sale, donate them, or do eBay. It is really easy to just mail a box with lots of stuff and then sell and get other things through swapping.” Customer Sheila of Northville, MI in July 2013

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Merchandising from A to Z

A few weeks back you caught a glimpse of the behind-the-scenes process at our logistics center. Now we dive even deeper into the first step of the process: Merchandising. Our fabulous staff greets your package upon arrival and inspects each item per our acceptance criteria. During our screening process we rank your items with the below conditions:

  • New/New with Tags: has original tags or in original and sealed packaging; never been used
  • Good: looks like you just pulled it out of your own closet, no signs of wear and tear
  • Fair: maybe a little bit more loved, small-minor stains, but still a great deal

Don’t be alarmed if we mark your items as FAIR. That’s still great in our book! We just want to make sure that we accurately depict the condition since it’s sometimes hard to see via the awesome pictures that are taken for our web site.

Quick Guide as to How to Send Items In

Merchandiser Q&A

What’s the funniest thing you have found in an incoming package?

It was a Ghost Writer game, and I used to love that show as a kid.

What’s your favorite part of your job?

Everyday is Christmas when we get to open new packages and create new sets.

Favorite fashion accessory?

Scarves. You can use them for so many different things!

Advice for customers?

Just make sure you are up-to-date on the acceptance criteria and make sure your items are freshly laundered. Clothes that are wrinkle-free take better photos.

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Search clothing now by brand, type, and size!

How about getting the kids’ summer clothes in the most effortless way this time around? Whether it’s baby wear or tank tops or swimwear for your growing child or teen, we have made it very easy for you to search by brand, type, size, gender, price and condition. While browsing, remember to create your “want list” to get the items through swapping!

Browse clothing by brand, type, size etc.!

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