View Full Version : (CrowdCube) Swishing Limited

01-11-2013, 11:35 AM
Swishing Limited
Target 150,000



Swishing.co.uk is a clothes swapping website in the UK, using a virtual currency of 'swishing credits' that users receive for their clothes and then swap and shop.

Its USP is a virtual currency of 'swishing credits' allowing users to send their clothes to the business and start swapping or shopping immediately. The website is in the top 3 on Google for relevant searches and has over 3500 members with more than 5000 items of 'donated' inventory.

Swishing.co.uk recently starred in CH4's SuperScrimpers program and the company won 'Green Business of the Year' in the 2012 Digital Entrepreneur Awards.

In the USA businesses such as ThredUp and Thredflip have this year secured $14m and $1.6m venture capital funding to transition from swap sites into online thrift stores. The Board of Swishing Ltd is seeking 150,000 funding to further market the site and to launch a sister second hand clothing resales site to increase revenues and profitability. With this funding the Board is targeting 25,000 members within 36 months and Ebitda in the exit year of greater than 500,000.
Exit Strategy

Exit is via trade sale after 36 months.

The current investor director has a successful track record in exiting businesses via trade sale in the media and technology sectors. The Board are currently in discussion with a US site with a view to a JV to launch their brand in the UK and this may set up a potential exit route within an earlier timeframe.