E-commerce operating system Swap has raised $40 million in Series B funding, led by ICONIQ Growth. Previous lead investors Cherry Ventures, QED Investors, and 9900 Capital also participated in the round, underscoring continued confidence in the company’s vision.
The new capital will help Swap deepen its footprint in the U.K., expand into the U.S. and EU, and launch in Australia and Canada. Swap also plans to tap into new verticals such as beauty, home goods, and consumer tech, broadening its customer base and strengthening its position as an essential platform for global e-commerce brands.
As global e-commerce expands, so do the operational challenges brands face — especially around cross-border sales and inventory management. The cross-border market alone is projected to reach $7.9 trillion by 2030, creating both immense opportunities and increasing complexity for brands operating internationally.
“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.”
The new funds will support team growth and the launch of new products, including Swap Inventory, a tool designed to integrate directly into Swap’s platform and enhance how brands manage stock, forecast demand, and optimize replenishment.
With AI-powered insights and real-time trend analysis, Swap Inventory aims to give brands the most accurate forecasting available, embedding inventory intelligence into every stage of the merchant journey. By combining pricing models, inventory tracking, historical data analysis, and AI recommendations, Swap seeks to eliminate the need for disconnected tools, replacing them with a single, unified operating system for brands.
Beyond product development, Swap will also invest in market expansion, ensuring its platform becomes the go-to operating system for global e-commerce brands seeking smarter ways to handle returns, shipping, pricing, and inventory under one login.
Founded in 2022 by Sam Atkinson and Zach Bailet, Swap was built to address the fragmented nature of e-commerce operations. The platform connects every critical operation—from cross-border compliance to returns management—giving brands a clear, real-time view of their business while leveraging data and AI to drive growth.
What sets Swap apart is its ability to replace multiple point solutions with a single, data-driven platform that understands and optimizes each stage of the e-commerce lifecycle. By simplifying complex processes like duties, taxes, and global shipping, Swap helps brands streamline cash flow, boost efficiency, and unlock global growth opportunities.
In addition to ICONIQ Growth leading the round, long-term backers like Cherry Ventures, QED Investors, and 9900 Capital reaffirmed their commitment to Swap’s future.
“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.”
As global trade regulations continue to shift, brands are looking for platform-level partners that can bring cross-border, inventory, and returns management into a single, centralized system. With this funding, Swap aims to solidify its role as that partner, helping brands navigate complexity and drive growth with confidence.
