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- Swap
Swap Funding, Investors & Competitors
Swap has raised $149M across 3 funding rounds, most recently a $100M Series C in January 2026.
Last Swap funding round
$100M
Series C · Jan 2026
Cumulative funding Swap raised
$149M
across 3 funding rounds
Key investors in Swap
QED Investors
ICONIQ Capital
Cherry Ventures
BNVT Capital
DST Global
Portfolio Ventures
2100 Ventures
Ed Hallen
About Swap
Swap is a returns management platform for e-commerce retailers headquartered in New York. It streamlines exchanges, refunds, and resale of returned merchandise via automated workflows and resale marketplaces. The software integrates with Shopify and other platforms, reducing logistics costs and recovering value from 30 percent of typical returns volume for brands like Everlane and Tentree.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Swap Funding History
Swap has raised a total of $149M across 3 funding rounds.
Swap's first fundraising round was a $9M Series A in April 2024. The most recent completed round was a $100M Series C in January 2026.
Swap funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2026 | Series C | DST Global (lead); ICONIQ Capital (lead) | $100M | Swap is a New York- and London-based commerce operating system founded in 2022, initially focused on returns management and expanded into AI-driven cross-border logistics, tax compliance, demand planning, payments, and end-to-end global e-commerce infrastructure for brands. The platform targets luxury clothing and other verticals like beauty, home goods, and consumer technology, helping merchants handle complex international operations including transactions, recommendations, and inventory across the US, EU, Australia, Canada, and beyond. It positions itself as a Shopify competitor unifying fragmented e-commerce tools amid a projected $7.9 trillion cross-border market by 2030. In January 2026, Swap raised $100 million in a Series C funding round co-led by DST Global and ICONIQ Capital, with ICONIQ doubling its stake from the prior Series B. This followed a $40 million Series B in March or June 2025 led by ICONIQ, bringing total funding to approximately $149 million across rounds since inception. Existing investors including Cherry Ventures, QED Investors, Portfolio Ventures, and 9900 Capital also participated, reflecting strong syndicate support from global scaling experts like DST (Airbnb, Spotify) and enterprise software backers like ICONIQ (Snowflake). The new capital will accelerate US expansion, deepen AI advancements in payments infrastructure, cross-border tax filing, returns processing, and entry into new geographies and underserved verticals in Europe and North America. Swap emphasizes automating global commerce for brands of all sizes to sell anywhere, anticipate intent, and convert more business, addressing challenges like high returns costs and fulfillment complexities. |
| Mar 2025 | Series B | ICONIQ Capital (lead); Portfolio Ventures; QED Investors; BNVT Capital; Cherry Ventures | $40M | Swap is a New York- and London-based commerce operating system founded in 2022 that provides AI-driven infrastructure for brands to manage returns, cross-border logistics, tax compliance, payments, demand planning, and global operations. The platform enables agents to transact, recommend products, and process payments across merchants, targeting luxury brands and e-commerce companies expanding internationally, positioning itself as a Shopify competitor with end-to-end tools for scaling without complexity. The queried funding round matches Swap's $40 million Series B, led by ICONIQ Growth approximately six months before its January 2026 Series C announcement, with the Series B focused on accelerating U.S. and EU market expansion plus entry into Australia and Canada. Swap followed the Series B with a $100 million Series C in January 2026 co-led by ICONIQ (doubling down) and DST Global, bringing total funding to $149 million. The Series C supports expansion into payments infrastructure, new markets in Europe and North America, underserved verticals like beauty and home goods, and AI enhancements for tax filing and returns processing. Swap operates in a competitive e-commerce infrastructure market addressing challenges like high returns costs, cross-border fulfillment, and compliance, with strong investor backing from firms like ICONIQ (portfolio includes Airbnb, Snowflake) and DST Global. |
| Apr 2024 | Series A | QED Investors (lead); David Schneider; 2100 Ventures; BNVT Capital; Ed Hallen; Cherry Ventures | $9M | Swap is an e-commerce operating system that manages operations for direct-to-consumer brands, including returns management, cross-border logistics, tax compliance, demand planning, and payments. Founded in 2022 by Sam Atkinson and Zach Bailet, the company started as a returns-management provider and has expanded into a comprehensive commerce platform with AI-driven infrastructure. It targets luxury clothing brands and DTC companies seeking to streamline operations and improve customer lifetime value. In April 2024, Swap raised $9 million in a Series A funding round led by QED Investors, with participation from Cherry Ventures, 2100 Ventures (listed as 9900 Capital in some sources), BNVT Capital, and Ed Hallen, co-founder of Klaviyo. David Schneider's participation aligns with investor mentions. The funding supported the launch of Swap Global, enabling DDP shipping, automated tax remittance, express customs clearance, and team expansion to broaden footprint in the UK, Europe, and U.S. Subsequent rounds included a $40 million Series B in March 2025 led by ICONIQ Growth and a $100 million Series C in January 2026 co-led by DST Global and ICONIQ, bringing total funding to approximately $149 million. |
Who has invested in Swap?
9 investors have backed Swap across its funding rounds, including QED Investors, ICONIQ Capital, Cherry Ventures, BNVT Capital, DST Global and Portfolio Ventures.
Lead investors include DST Global, ICONIQ Capital and QED Investors.
Swap Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2025 | ||
| 2 | Lead | Apr 2024 | ||
| 2 | Participant | Apr 2024 | ||
| 2 | Participant | Apr 2024 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
This data is available for Pro users. Sign up to see all 9 Swap investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSwap Competitors
Swap competitors include listed companies like Shopify and Wix.com, and private ones like THG Ingenuity, Automattic, Houzz and Webflow.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $12B | $1.2B | $165B | 11.3x | ||
| Private | - | - | $8B | - | ||
| Private | $45M | - | $7.5B | - | ||
| Private | - | - | $4B | - | ||
| Private | $100M | - | $4B | 40.0x | ||
| Publicly listed | $2B | ($13M) | $3.3B | 2.0x |
Swap Public Comps
Swap is still privately-owned, but its public comps include Shopify, GoDaddy, Wix.com, Xinhua Winshare, GigaCloud Technology, Infomart, Lightspeed Commerce, Rezolve AI, Shiprocket and Hangzhou Raycloud Tech.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $12B | $1.2B | 13.9x | 11.3x | 132.9x | 61.9x | |||
| $5B | $1.3B | 3.1x | 2.9x | 11.7x | 8.9x | |||
| $2B | ($13M) | 2.2x | 2.0x | (352.9x) | 14.4x | |||
| $1.7B | $248M | 0.4x | 0.4x | 2.9x | 3.4x | |||
| $1.3B | $158M | 1.6x | 1.4x | 12.8x | 10.6x | |||
| $121M | $31M | 9.3x | 8.6x | 35.9x | 31.7x | |||
| $1.2B | ($13M) | 0.7x | 0.7x | (65.4x) | 11.0x | |||
| $47M | ($109M) | 23.3x | 4.0x | (10.0x) | (19.3x) | |||
This data is available for Pro users. Sign up to see all Swap competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Swap
| When was Swap founded? | Swap was founded in 2021. |
| Where is Swap headquartered? | Swap is headquartered in London, United Kingdom. |
| Is Swap publicly listed? | No, Swap is a private, VC-backed company. |
| How much funding has Swap raised? | Swap has raised $149M across 3 funding rounds. |
| What was Swap's last funding round? | Swap's last funding round was a $100M Series C in January 2026, led by DST Global and ICONIQ Capital. |
| Who are Swap's investors? | Swap's investors include ICONIQ Capital, QED Investors, BNVT Capital, Cherry Ventures, Portfolio Ventures, David Schneider, 2100 Ventures, Ed Hallen and DST Global. |
| Which companies are comparable to Swap? | Companies comparable to Swap include Shopify, THG Ingenuity, Automattic, Houzz, Webflow and Wix.com. |
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