Swap, the e-commerce operating system (OS) that connects operations on one platform for e-commerce brands, today announced a $40 million Series B led by ICONIQ Growth, with participation from prior lead investors Cherry Ventures, QED Investors, and 9900 Capital.
With this capital, Swap will deepen its dominance in the U.K. market, accelerate expansion into the U.S. and EU, and open new regions, including Australia and Canada. Swap also plans to penetrate underserved verticals like beauty, home goods, and consumer technology.
The capital will allow Swap to grow its team and launch cutting-edge products, including Swap Inventory. This new offering connects the dots across Swap’s products and the merchant journey, providing its customers with sophisticated pricing modeling and smart AI-driven recommendations around restocking and replenishment. Swap Inventory will allow for the most accurate forecasting on the market embedded into all of a company's operations: manage stock, demand forecasting, inventory tracking, AI insights and recommendations, AI-powered trend data, and historical data analysis. By seamlessly connecting every key operation in the merchant journey, Swap drives unmatched efficiency and growth for brands while leveraging previously unattainable data and analytics to unlock value. As a byproduct of Swap’s integrated product strategy, brands can replace multiple-point solutions under one ecommerce OS.
“From the beginning, we’ve set out to create a new category that is a platform-level solution across all of a brand’s operations,” said Sam Atkinson, Co-Founder & CEO of Swap. “This funding cements us as the only e-commerce operating system that can enable inventory solutions, cross-border growth, returns management, and shipping and logistics in a way genuinely tailored to a brand’s needs.”
With the global cross-border market expected to reach a value of 7.9 trillion U.S. dollars by 2030, Swap recognizes this market's unlimited potential-thus planning to double down on its cross-border solution. This funding positions Swap as the first platform to connect all operational workflows, redefining the future of global commerce and providing unprecedented control and growth for the brands it works with. Its model simplifies the management of duties, taxes, and fees while giving merchants greater control over cash flow and shipping, resolving critical pain points today’s e-commerce companies face. By redefining the backbone of global e-commerce, Swap is positioning itself as an indispensable partner for brands seeking to expand internationally.
“We have been impressed by Swap’s product focus and velocity,” said Seth Pierrepont, General Partner at ICONIQ Growth. “As cross-border commerce becomes increasingly complex, we have seen Swap emerge as a valuable partner for direct-to-consumer brands by unifying fragmented global e-commerce operations into a cohesive platform. We believe the company is well positioned to be a leading software enabler of global e-commerce and are excited to support them on this journey.”
This funding news comes at a critical juncture where brands are in dire need of a platform-level partner that can bring cross-border, inventory, returns, and AI-powered insights under one login. As global trade becomes more complex with shifting geopolitical factors, tariffs, and evolving regulations, Swap will cement itself as the leading solution for e-commerce brands seeking a consolidated, integrated platform that streamlines fragmented operations and centralizes data for brands. To learn more about Swap, visit https://www.swap-commerce.com/series-b.