London-based e-commerce platform Swap has successfully closed a $100 million Series C funding round, co-led by DST Global and existing investor Iconiq. This latest capital injection arrives just nine months after its Series B, bringing the company's total funding to $149 million since its inception in 2022. The firm provides an all-in-one operating system designed to help online brands manage complex global logistics from a single dashboard.
Streamlining Global Commerce Operations
Modern e-commerce brands face significant operational hurdles, with returns consuming up to 30% of revenue and cross-border complexities creating major inefficiencies. Swap addresses these challenges by consolidating logistics, returns management, tax processing, and inventory forecasting into one unified platform. This integrated approach helps brands retain more cash and has been shown to significantly boost year-over-year sales for its clients.
An AI-Driven Operating System
At the core of Swap's platform is an AI-native architecture that automates and orchestrates the entire operational stack for online retailers. Unlike point solutions that only address a single issue, Swap functions as a central nervous system for commerce, using shared data and workflows. This technology powers features like predictive stock management, automated tax refunds on returns, and virtual fitting rooms that enhance sales.
Founder and CEO Sam Atkinson emphasizes that Swap is built as an "agentic commerce operating system," designed to replace the patchwork of vendors brands typically rely on. The platform's AI agents can handle tasks autonomously, from locking in import costs to processing payments across different merchants. This holistic integration provides clients like Pangaia and The Frankie Shop with improved margins and high customer retention.
Fueling Expansion and Future Innovations
With the new $100 million in capital, Swap plans to accelerate its expansion into new markets across Europe and North America. The company will also bolster its payment capabilities, investing heavily in digital payment solutions to further streamline transactions for its clients. This strategic growth will also target underserved product categories, including beauty, home goods, and consumer electronics.
The funding also supports Swap's ambitious vision for the future of retail, which involves building the infrastructure for autonomous shopping. The company is developing AI agents that can guide shoppers from intent to purchase in seconds, utilizing a "Swap Wallet" for seamless transactions across merchants. This represents a fundamental rethinking of the online shopping experience, moving from clicks to conversational, AI-driven interactions.
From Founder Experience to Global Solution
The inspiration for Swap came from the founders' own challenging experiences with e-commerce. Sam Atkinson and Zach Bailet launched the company in 2022 after their previous venture failed due to the overwhelming complexities of international shipping, duties, and returns. Their mission is to empower mid-sized brands to operate globally without the operational headaches that typically plague cross-border commerce.
This substantial Series C funding round positions Swap to solidify its role as a critical infrastructure provider for the global e-commerce industry. By offering a comprehensive, AI-powered solution, the company is not just solving existing logistical problems but is also paving the way for a more automated and intelligent future for online retail. The investment will enable Swap to scale its operations and continue its mission of helping brands thrive in an increasingly complex market.