Welcoming Swayy to the Genesis Portfolio
On behalf of Genesis, we are excited to announce our investment in Swayy. Swayy is a peer-to-peer clothing rental service that is designed to give college aged women the opportunity to sell and rent clothing from each other at an affordable price.
The Problem
Fast fashion has led to a rise in inexpensive, mass-produced clothing that generates extraordinary amounts of textile waste and promotes unattainable societal expectations for newness. Minimally worn clothing is often thrown away, tossed in a corner and unused, or donated, despite high demand among college women who prioritize trendiness over newness. College women have become major contributors to clothing waste under social pressure to constantly respond to evolving trends. With few options for affordable clothing rentals, young women continue to carry the financial burden of frequently purchasing and thus discarding clothes.
Swayy is a two-sided marketplace for women looking to rent clothing from their peers and profit from their own unworn clothing. Unlike existing options, its affordability and convenience make it a viable and cost effective option that can dramatically alleviate the financial burden of purchasing new clothing. Swayy offers several tiers of monthly subscriptions that customers can sign up for based on the number of articles of clothing they would like to rent at any given time. Once rented, clothing can be exchanged at any time for a low delivery and cleaning fee. Additionally, customers can sell eligible clothing to Swayy in exchange for rental credits.
The Founders
Rajya Atluri and Clio Harralson are seniors at UT and have known each other since their freshman year when they went on a retreat to Arizona. At the beginning of her sophomore year, Rajya overheard girls in her sorority complain about not having anything to wear for various events that month. Realizing that many of her peers were tired of constantly searching for and buying new clothes, she discussed the problem with Clio, and the idea for Swayy was born. Swayy’s website first launched in January 2018 as a clothing aggregator, and has since evolved into a clothing rental service.
Clio Harralson (Business Honors, Management Information Systems, Plan II Honors ’20) — Clio serves as co-CEO of Swayy. She is a Forty Acres Scholar and members of Pi Beta Pi and Texas Alpha Chapter. She was previously a Senior Designer for the Daily Texan and directed a mental health initiative within the McCombs School of Business.
Rajya Atluri (Business Honors, Plan II ’20) — Rajya serves as co-CEO of Swayy. She is a member of Pi Beta Pi and Texas Alpha Chapter. She was previously Advocacy Director for Student Government Executive Board, a reporter for the Daily Texan, and Director of the Women’s Resource Agency.
How’re They Doing?
Swayy has attracted attention across the country and has become a recognizable name in the Austin startup community. The founders were selected as Herb Kelleher Center Summer Entrepreneurship Fellows in the summer of 2018 and won a $5K grant. They also participated in the Red Bull Launch Institute and were featured in TechCrunch, Vox, Forbes, and BuiltIn Austin. In May 2019, Swayy won Longhorn Startup Lab and received a $25K investment from Capital Factory. Swayy piloted their service with 10 paying customers over the summer, and they continue to refine their process for rentals and exchanges. They are also currently building their own inventory to offer a wide selection of items to college women. Prospective customers can request an invitation to subscribe on Swayy’s website.
Why I Led This Deal by Courtney O’Donnell, Venture Partner
I knew I was hooked the minute I met Rajya and Clio. I admire their confident, yet humble approach to solving this pain point. I could tell they were excited about the potential of becoming a Genesis Portfolio Company, but more importantly, their passion for their company and mission was clear. I am SO excited to help guide (and learn from) two brilliant, business savvy entrepreneurs. With the support of the Genesis Fund and an ever-changing entrepreneurial landscape at UT, big things are coming and we see Swayy as a wonderful foundation for that change. It was an easy decision for us at Genesis and we look forward to being by their side every step of the way! Hook Em’ 🤘🏻 🌱
