Swaptree.com Names Jeff Bennett CEO and Announces $6 Million
Financing
1+ Million Swaps in 2009 Position Company as Category Leader
BOSTON--(BUSINESS WIRE)--Swaptree.com,
the easiest way to swap books, CDs, DVDs and video games, today
announced that Jeff Bennett has been named Chief Executive Officer
(CEO)
of the company.
?With millions of people listing millions of things, the
swap opps are
staggering?
Bennett has been an active digital citizen since the mid-1990s.
Most
recently, he was the Founder, President and Chief Operating
Officer
(COO) of NameMedia. Under Bennett?s leadership, NameMedia built
one of
the most massive domain portfolios in the world; created the
leading
secondary domain market on the planet; and established a media
network
that today serves over 60 million visitors per month. Prior to
NameMedia, Bennett was Executive Vice President of Corporate
Development
and Vice President and General Manager of eCommerce at Lycos.
Swaptree.com also announced a $6 million financing round led by Safeguard
Scientifics, Inc. (NYSE: SFE), with participation from
numerous
private investors. This latest infusion of capital will be used
for new
hires and marketing initiatives focused on fueling the growth and
uncontested dominance of the ?online swap? category. The new round
of
financing brings Swaptree.com?s total capital raised to date to
$11.95
million.
?Swaptree.com is poised to become synonymous with the category of
?online swap? in the same way eBay has become synonymous with
?online
auctions?,? said Jeff Bennett, CEO of Swaptree.com. ?After
spending the
last year on Swaptree.com?s board of directors, I?m very eager to
assume
leadership of the company. I look forward to making Boston-based
Swaptree.com an iconic Internet business and one that will
positively
impact the health of the planet.?
In 2009 alone, Swaptree.com members conducted more than one
million
swaps on the site; saved members $5,549,058; and enabled members
to
reduce their carbon footprint by 5,011,078 pounds, in total.
Swaptree.com is often referred to by mainstream media outlets as
?the
eBay of Swap.? The swapping platform offers an easy, feel good way
for
people to recycle the stuff they have and get things they want
while
reducing consumption of new products.
?The opportunity to develop and own an enormous category online is
as
good as it gets for entrepreneurs and investors alike,? said Erik
B. Rasmussen, Vice President and Managing Director at Safeguard
Scientifics. ?There is a highly visible swap movement sweeping
the
globe. Providing this additional round of growth capital will
augment
Swaptree.com?s ability to accelerate and capitalize on this trend
while
enabling consumers to save money and protect the environment.?
Along with other staff additions, the company announced that Carl
Schwartz has been named VP of Marketing for Swaptree.com. Schwartz
joins
Swaptree.com with vast internet business experience, including
positions
at Cheapflights, Monster.com and Lycos.
?With millions of people listing millions of things, the swap opps
are
staggering,? said Carl Schwartz, VP of Marketing at Swaptree.com.
?We
are amped to build a colossal internet business that helps
consumers
save money and live greener. Seriously, it doesn?t get much better
than
that.?
About Swaptree.com
Swaptree.com is the easiest way to swap your stuff--books, music,
movies
and video games. An award-winning website that brings people
together to
swap the stuff they have for the stuff they want, Swaptree.com
helps
users feel good knowing they are saving cash and the planet. With
millions of people listing millions of things, the swap opps are
staggering. Swaptree.com is a privately held company headquartered
in
Boston, MA. For more information please visit www.swaptree.com.
Follow us on Twitter @swaptree.
About Safeguard Scientifics
Founded in 1953 and based in Wayne, PA, Safeguard Scientifics,
Inc.
(NYSE: SFE) provides growth capital for entrepreneurial and
innovative
life sciences and technology companies. Safeguard targets life
sciences
companies in Molecular and Point-of-Care Diagnostics, Medical
Devices,
Regenerative Medicine and Specialty Pharmaceuticals, and
technology
companies in Internet / New Media, Financial Services IT and
Healthcare
IT with capital requirements of up to $25 million. Safeguard
participates in expansion financings, corporate spin-outs,
management
buyouts, recapitalizations, industry consolidations and
early-stage
financings. For more information, please visit www.safeguard.com
or blog.safeguard.com