Swimply outlines expansion plans, announces $10 million in investor funding
by Dave Flaherty | May 12, 2021 10:13 am
Swimply, which allows homeowners to rent out their underutilized pools to local swimmers, has announced it is expanding into 25 new cities.
With this market expansion, the company is now serving two markets in Canada, five markets in Australia, and a total of 125 in the U.S.
Swimply also announces the closing of a $10 million financing plan. The funding is led by Norwest Venture Partners with participation from Trust Ventures and other investors. This financing will support additional market launches, product development, and increased insurance coverage for homeowners.
“The shifting mindset from younger generations about ownership is a huge contributor to increased growth of the Swimply marketplace,” said Asher Weinberger, co-founder and COO of Swimply. “Swimming is the third most popular activity for adults and number one for children, and yet no other company has tackled the aquatic space to make swimming more affordable and accessible until now.
“Swimply has created a new income stream for the owners of the more than 10 million pools in the U.S., with some earning more than $30,000 last year,” said Edward Yip, partner at Norwest who will be joining the Swimply board. “Over the past year we’ve witnessed a movement in how people rethink the way we use space and earn a living wage. Swimply is well-positioned to help a lot of people.”
Swimply pools are available for booking with access to a pool and outdoor space costing on average $45 per hour based on pool area size, amenities, timing, and demand. Private pools can be booked and listed on www.swimply.com or on the iOS and Android app.
Source URL: https://www.poolspamarketing.com/trade/swimply-outlines-expansion-plans-announces-10-million-in-investor-funding/