Swaplanet, the first children's clothing exchange platform in Greece, has closed its second round of funding of €425,000.

The new funding secured by the start-up comes just 12 months after its first seed round, raising a total of more than €500,000, according to an announcement.

The new funding round has Zeno Capital and Genesis Ventures as lead investors, and participation from Greek investors through the Hellenic Business Angels Network and foreign investors from the UK and Egypt.

The capital will be used to upgrade the company's operations, accelerate user acquisition and introduce more advanced technologies. The round included a successful and profitable exit of Swaplanet's first investor, Demium's Partner Fund (Spain). Legal counsel for the transaction was Saplegal - A.S. Papadimitriou & Partners. The participating investors bring a strong mix of experience from Greece and abroad, and several of them will act as advisors to the platform, helping it to further implement its strategic plan for the Greek market, expand its operations and prepare for expansion to other European countries.

The Swaplanet platform was founded in April 2021 by the team of Serif Barakat, Elena Stamos and Jimmy Nikolaidis and launched the same summer. To date, it has managed to grow its customer base with more than 3,500 users, growing daily. It has expanded from its initial service in the Attica area to all of Greece (even to the most remote islands). The team has grown to employ eight employees, having received and sorted more than 30,000 items of clothing from parents, and posted more than 14,000 of them on the platform for exchange.

Read the full article at Capital