Los Angeles-based e-commerce logistics company Returnmates has rebranded to Sway and secured a $19.5 million Series A funding round led by 7GC. The company aims to provide brands with a customer-centric delivery and returns platform. Sway will use the funding to grow its team and enhance its technology for brands and consumers.
Sway aims to address the needs and expectations of today’s brands and shoppers by offering two-way SMS support and visibility, next-day and two-day delivery services as well as doorstep returns and exchanges. The company also provides earning opportunities for driver-partners through a technology-enabled gig marketplace.
Through its network, Sway has seen a 66 percent reduction in lost package rates and a 20 percent increase in repeat purchases compared to traditional carriers. The company’s services are currently available in 20 major cities across California, Texas, Washington, Washington DC, Maryland, Virginia, New York and Florida. With the funding secured in the Series A round, Sway plans to expand its coverage into five more cities.
