Swap, an e-commerce operating system specializing in cross-border and inventory management solutions, has successfully raised $40 million in a Series B funding round. The investment, announced on March 4, 2025, was led by ICONIQ Growth, with participation from existing investors Cherry Ventures, QED Investors, and 9900 Capital.
Founded in 2022 by CEO Sam Atkinson and COO Zach Bailet, Swap offers a unified platform that integrates various aspects of e-commerce operations, including shipping, tracking, returns management, and inventory forecasting. This comprehensive approach enables direct-to-consumer brands to streamline logistics and operational processes, reducing the need for multiple service providers.
The newly secured funds are earmarked for expanding Swap’s presence in the U.K., accelerating growth into the U.S. and European Union markets, and entering new regions such as Australia and Canada. Additionally, Swap plans to penetrate underserved verticals like beauty, home goods, and consumer technology. The company also intends to grow its team and launch innovative products, including Swap Inventory, an AI-driven tool designed to optimize inventory management by providing sophisticated pricing models and smart recommendations for restocking and replenishment.
“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 and 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 global cross-border e-commerce market is projected to reach $7.9 trillion by 2030, highlighting the immense potential for platforms like Swap that facilitate international expansion for brands. By simplifying the management of duties, taxes, and fees, Swap aims to provide merchants with greater control over cash flow and shipping, addressing critical pain points in today’s e-commerce landscape.
Investors have expressed strong confidence in Swap’s integrated approach. “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.”
Swap’s headquarters are located at 86-90 Paul Street, London, United Kingdom.
