SWAP, the first-ever re-commerce platform in Bangladesh, has raised $1.25 million in seed funding, led by Accelerating Asia with participation from ZA Capital Advisory, Bangladesh Angels, and Southeast Asian angel investors.
The platform allows consumers to sell, swap, or buy products such as smartphones, laptops, appliances, vehicles, and more at the press of a button.
Just like any other country globally, Bangladesh, being the 8th largest country for mobile phone users, has been facing an upward growth in e-waste generation.
SWAP solves the problem by offering customers both convenience and safety while ensuring guaranteed selling of old products from their doorstep in less than 24 hours. It also provides consumers with an avenue to properly discard their e-waste.
The startup also aims to become a market leader and a global example of success for the circular economy approach and sustainable e-waste management venture by using the new funding.
“We believe we can do that by providing our customers with as many choices as possible with the most affordable plans, from which they can pick the ideal one for them,” SWAP CEO and Co-Founder Parvez Hossain said.
Started in 2020, SWAP has generated more than $14.5 million in Gross Merchandise Value (GMV), with a current monthly GMV of over $1.7 million. SWAP has served over 40,000 customers till date and is poised to scale-up significantly in the next 6-12 months.
Accelerating Asia, as lead investor, sees the potential in SWAP and the founding team to deliver returns for the early-stage VC accelerator that operates across Southeast and South Asia.
“We look forward to seeing SWAP continue its rapid business expansion for years to come,” Accelerating Asia General Partner Craig Bristol Dixon said.
Zahedul Arefin, Founder and CEO of ZA Capital Advisory and also Advisor to SWAP, expressed that they are happy to be associated with one of the most promising and innovative online startups in the country.