Swap, an ecommerce operations platform, has raised $40 million in a Series B funding round led by ICONIQ Growth.
Previous investors Cherry Ventures, QED Investors, and 9900 Capital are also participating in the Series B funding. Swap plans to use the funding to expand its presence in the U.K. and enter the U.S. and European markets. It also plans to extend operations to Australia and Canada.
The company also intends to expand into new sectors, including beauty, home goods, and consumer technology.
Swap Series B funding
The Swap funding will support the company’s development of new products. That includes Swap Inventory, which it designed to integrate stock management, demand forecasting, and AI-driven recommendations for replenishment. The tool aims to improve inventory tracking and provide businesses with real-time insights.
Swap’s CEO and co-founder, Sam Atkinson, said the company aims to offer a comprehensive solution for ecommerce brands, integrating services such as inventory management, cross-border logistics, returns, and shipping.
“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 ecommerce operations into a cohesive platform,” said Seth Pierrepont, general partner at ICONIQ Growth.
The company aims to address challenges in global ecommerce, including the management of duties, taxes, and fees, while helping merchants streamline cash flow and shipping logistics. With global cross-border ecommerce projected to reach $7.9 trillion by 2030, Swap plans to enhance its cross-border solution to support international expansion efforts.
Swap was founded in 2022 by Atkinson and Zach Bailet to provide an integrated platform for ecommerce operations.
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