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Total amount raised
$149M
Latest funding date
2026-01-07
Location
Swap has successfully raised funding over three rounds, with the latest being a Series C round led by ICONIQ Capital and DST Global. The company offers a comprehensive e-commerce operating system that helps online brands manage their commerce operations, including compliance, returns, and inventory management.
What Is Swap?
Swap Commerce is a private company based in London, England, specializing in e-commerce, finance, and software. The company provides a comprehensive e-commerce operating system that helps online brands manage their commerce operations, including compliance, returns, cross-border shipping, payments, and inventory management.
Founded in 2022 by Sam Atkinson and Zach Bailet, Swap has grown rapidly and is currently in its Series C funding stage, backed by notable investors including DST Global and ICONIQ Growth.
How Much Funding Has Swap Raised?
- Series A
- Amount Raised: USD 9,000,000
- Date: April 30, 2024
- Lead Investors: QED Investors
- Participating Investors: Cherry Ventures, 9900 Capital, 2100 Ventures, Ed Hallen (Co-Founder of Klaviyo)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch Swap's global product offering and expand its e-commerce operating system platform.
- Series B
- Amount Raised: USD 40,000,000
- Date: March 4, 2025
- Lead Investors: ICONIQ Growth
- Participating Investors: Cherry Ventures, QED Investors, Portfolio Ventures, 9900 Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen presence in the U.K. market, accelerate expansion into the U.S. and EU, and enter new regions such as Australia and Canada.
- Series C
- Amount Raised: USD 100,000,000
- Date: January 7, 2026
- Lead Investors: DST Global and ICONIQ (co-led)
- Participating Investors: Existing investors (ICONIQ doubled its stake from Series B)
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Swap's global commerce solutions platform, accelerate U.S. footprint growth, and further develop its AI-driven commerce operating system.
Total Amount Raised: USD 149,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- DST Global
- Details: DST Global is a leading international technology investment firm known for backing high-growth internet and technology companies at scale. Co-led Swap's Series C round in January 2026.
- Investment Focus Areas: High-growth internet and technology companies globally.
- Notable Investments: Facebook, Airbnb, Spotify, WhatsApp.
- ICONIQ Growth
- Details: ICONIQ Growth is a leading investment firm known for backing high-growth technology companies. They led Swap's Series B in March 2025 and co-led the Series C in January 2026, doubling down on their investment.
- Investment Focus Areas: High-growth technology companies.
- Notable Investments: Snowflake, Uber, Airbnb.
- QED Investors
- Details: QED Investors is a venture capital firm focused on investing in early-stage, disruptive financial services companies. They led Swap's Series A in April 2024 and participated in the Series B.
- Investment Focus Areas: Disruptive financial services.
- Notable Investments: Credit Karma, SoFi, Avant.
- Cherry Ventures
- Details: Cherry Ventures is a Berlin-based venture capital firm that invests in seed-stage companies across Europe. They participated in Swap's Series A and Series B rounds.
- Investment Focus Areas: Seed-stage companies in Europe.
- Notable Investments: FlixBus, Auto1, Infarm.
- Portfolio Ventures
- Details: Portfolio Ventures is a venture capital firm that invests in early-stage technology companies. They participated in Swap's Series B round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Specific notable investments are not mentioned in the sources.
- 9900 Capital
- Details: 9900 Capital is a venture capital firm that invests in innovative startups. They participated in Swap's Series A and Series B rounds.
- Investment Focus Areas: Innovative startups.
- Notable Investments: Specific notable investments are not mentioned in the sources.
What's Next for Swap?
Swap is poised to capitalize on the burgeoning global cross-border market, which is projected to reach $7.9 trillion by 2030. With plans to deepen its presence in the U.K., expand into the U.S. and EU, and enter new regions like Australia and Canada, the company is set to seize significant growth opportunities. Additionally, Swap aims to penetrate underserved verticals such as beauty, home goods, and consumer technology.
Future fundraising rounds seem likely as Swap continues to scale its operations and enhance its AI-driven platform. The company's focus on integrating various logistics functions into a single cohesive system positions it well for attracting further investment. However, challenges such as managing the complexities of global trade and competing with established e-commerce platforms could pose hurdles along the way.
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