šŗšø Sway secures $19.5M in Series A for e-commerce return solutions. Changing the e-commerce landscape, Sway, previously Returnmates, a Los Angeles-based company, rebrands and expands its return services, boasting a 66% reduction in lost packages and a 20% increase in customer repurchases.
Sway's rebrand from Returnmates reflects its expansion into last-mile delivery services. With $25.6M total funding, the firm aims to streamline returns, reducing costs and environmental impact.
Tackling a massive $743B return industry challenge, Sway's model reduces return times and costs, offering a more sustainable solution for retailers and customers.
Sway's unique model uses a two-way SMS platform and a network of drivers, offering 30-minute delivery windows and simplifying the return process for customers.
Since 2021, Sway expanded to 20 cities, grew its team from 5 to 100, and increased revenue 14x, highlighting its rapid growth and market acceptance.
With the latest funding, Sway aims to grow from 20 to 25 cities, improving its technology and infrastructure to support its expanding customer base and driver partners.
Each week we select most important sector news and statistic
so that you can be up to speed