SwapTree.com Raises $3.4 Million Series C, Led by Safeguard Scientifics
SwapTree.com is a website built for trading books, music, movies, and video games. SwapTree allows you to create a list of items of things you want and tell what you want. Then SwapTree finds a match with other people who wants your items and are willing to trade for something you have. SwapTree recommends putting 10 items on each list. There is a database of books, music, and movies and users can easily say that they have it or want it by pressing a button. Users can enter a UPC or ISBN code to add items to the trade match too. If the Get Now! button appears on a user’s profile, that means that there is a match and you can get an item that you want for something you already have.
This is one of those ideas where you think to yourself, why didn’t I think of it first? It’s a genius idea with a genius brand.
This is why Safeguard Scientifics and other unnamed investors provided SwapTree.com with a $3.4 million third round of funding. Since Swaptree’s launch in July 2007, over 100,000 trades have been made. The site is completely free.
“Our decision to partner with Safeguard Scientifics was based on their proven track record in growing successful technology companies,” stated Greg Boesel, President and co-founder of Swaptree. “In this financing round, we were looking for a partner with extensive experience in the online space to help us develop our application platform and support our business strategy. Safeguard provides us with all of the tools — including strategic guidance, operational support and management resources — that will enable us to meet our goals and create value for our members.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry