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EcommerceBytes-NewsFlash, Number 2295 - May 26, 2010 - ISSN 1539-5065    3 of 4

Swaptree.com Raises $6 Million, Names Jeff Bennett CEO

By Ina Steiner
May 26, 2010

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Swaptree.com announced a $6 million financing round led by Safeguard Scientifics to be used to hire new employees and for marketing initiatives, bringing Swaptree.com's total capital raised to date to $11.95 million. The company also announced that Jeff Bennett has been named Chief Executive Officer, and Carl Schwartz has been named Vice President of Marketing.

Swaptree.com allows consumers to swap books, CDs, DVDs and video games. In 2009, Swaptree.com members conducted more than one million swaps on the site, saving members $5,549,058 and enabling members to reduce their carbon footprint by 5,011,078 pounds, according to the company.

Bennett said, "Swaptree.com is poised to become synonymous with the category of "online swap" in the same way eBay has become synonymous with "online auctions.""

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Swaptree.com Raises $6 Million, Names Jeff Bennett CEO - May 26, 2010

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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