Returnmates Rebrands to Sway and Raises a $19.5M Series A to Build a Customer-Centric Delivery and Returns Platform
Summary
The funding will be used to grow the team, expand coverage from 20 to 25 cities, and enhance the technology to provide additional value for both brand partners and consumers.Sways Co-Founder and CEO, Eric Wimer, was an early Uber employee who scaled their rideshare and UberEATS product into +25 markets across the U.S. After a horrible trip to the post office back in the summer of 2020, Wimer and Co-Founder Kristian Zak saw an opportunity to leverage the same type of network to enhance the package delivery and returns experience.While most legacy logistics companies were built prior to the acceleration of e-commerce, Sway is purpose-built to serve the needs and expectations of todays brands and shoppers. With next-day and two-day delivery services coupled with a revolutionary doorstep return and exchange product, brands are able to build stronger, lasting relationships with their customers. Returns handled through the Sway network are consolidated and shipped back quickly, thus reducing per-unit costs by 15% and shortening cycle times from 7 to < 3 days.Sway also provides a powerful earning opportunity for driver partners through a technology-enabled gig marketplace. Merchants reduce leakage, and customers purchase more with a truly seamless two-way supply chain", said Jack Leeney, Co-Founder and Managing Partner of 7GC & Co.Sway is reinventing e-commerce logistics through the use of technology that enables quick, frictionless deliveries and returns. By leveraging a two-way communication platform and a flexible network of driver-partners, Sway transforms the online shopping experience from purchase to product receipt all the way through returns.