Cleantech Invest Oyj
Company Release
2 Dec 2015, 8.30 am (EET)
Cleantech Invest raises EUR 2 million investment into growing Swap.com, as part of EUR 5 million round
Cleantech Invest SPV 2 AB, a Swedish holding company founded by Cleantech Invest Plc, has made an equity investment of EUR 2 million into Swap.com (Netcycler Oy) as part of a EUR 5 million investment round. Cleantech Invest Plc owns 20% of the holding company and the effective fully diluted ownership of Cleantech Invest Plc in Swap.com stays at 8.0% after these investments. Cleantech Invest Plc and all of its affiliated companies own a total of 24.8% (fully diluted) of Swap.com after the transaction. Cleantech Invest Plc will also receive a fee of EUR 105,000 for the transaction.
CEO of Cleantech Invest Plc, Alexander Lidgren, just having returned from visiting Swap's Bolingbrook, IL, fulfillment center comments: "The company has grown on average 15% per month for two years, and the annualized revenue run rate is now USD 7.5 million. Swap.com management believes they are the fastest growing online consignment store in the United States. The company recently moved to a new 360.000 sq ft (over 3.3 hectares) fulfillment center, with capacity to reach about USD 200 million in annual revenue."
CEO of Swap.com, Juha Koponen comments: "Strenghtened with our new resources we continue to build the world's most efficient operation for pre-owned item trading. We aim to be the undisputed category leader in online consignment, and because our unit handling costs are the lowest in the market by a wide margin, we are well positioned to achieve that goal."
For more information
Alexander Lidgren, Managing Director of Cleantech Invest Plc, tel. +46 73 660 1007, alexander.lidgren@cleantechinvest.com
Certified Advisor Access Partners Oy, tel. +358 9 682 9500
Juha Koponen, toimitusjohtaja, tel. +358 40 7727 002
juha@swap.com
Cleantech Invest in brief
Cleantech Invest focuses on clean energy and efficient use of natural resources. The company has minority ownerships in a diversified portfolio of companies and is actively looking for new capital light and high impact businesses within the cleantech universe. Cleantech Invest invests in the most promising early-stage and growth cleantech companies in Finland, Sweden and in the Baltic Sea area. The company management team members are international pioneers in cleantech investing. Cleantech Invest is also a designated Accelerator in the Vigo Program initiated by the Ministry of Employment and the Economy. www.cleantechinvest.com.
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