Returnmates, now Sway, raises $19.5M Series A
Returnmates, now Sway, raises $19.5M Series A
Sway, formerly Returnmates, is a Los Angeles, CA-based technology company enabling a customer-centric delivery and return experience.
Sway, the Los Angeles-based logistics firm formerly known as Returnmates, has successfully secured $19.5 million in Series A funding, led by 7GC, with participation from Blackhorn Ventures, Lightshed Ventures, and Rise of the Rest Revolution. With a total funding of $25.6 million, Sway is redefining e-commerce returns and last-mile delivery, boasting a two-way communication platform and a network of driver-partners. The company's innovative approach, reflected in its recent rebranding, focuses on providing customers with a seamless doorstep returns program, reducing the return cycle to less than three days on average, resulting in a remarkable 66% reduction in lost package rates and a 20% increase in repeat purchases for partnering brands.
Founded by Eric Wimer, an early Uber employee, and Kristian Zak, Sway's expansion since August 2021 has seen it grow to 20 cities, increase its team from five to 100, and achieve a 14x revenue growth alongside a 7x expansion in its customer base. Currently active in California, Texas, Washington, Washington, D.C., Maryland, Virginia, New York, and Florida, the fresh funding will propel Sway's technological development, team growth, and expansion to an additional five cities, ensuring it continues to transform the e-commerce delivery and returns landscape.
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