UK-based Swap raises €36.9M to expand its all-in-one e-commerce operating system: Know more

London-based Swap, an e-commerce operating system that connects operations on one platform for e-commerce brands, has secured $40M (nearly €36.99M) in a Series B funding round.

The funding comes at a time when brands are looking for a comprehensive platform to manage cross-border transactions, inventory, returns, and AI-driven insights in one place.

ICONIQ Growth led Swap’s latest investment round, which was participated in by Cherry Ventures, QED Investors, and 9900 Capital.

Seth Pierrepont, General Partner at ICONIQ Growth, says, “We have been impressed by Swap’s product focus and velocity. 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.”

ICONIQ Growth invests in companies shaping the future of their industries, supporting their growth from early stages to IPO and beyond. The firm provides resources and a network of founders and industry leaders to help portfolio companies. Its investment portfolio includes companies such as Adyen, Airbnb, Alibaba, GitLab, Uber, and Zoom, among others.

Capital utilisation

Swap plans to expand its presence in the UK, accelerate growth in the US and EU, and enter new markets, including Australia and Canada. It also aims to expand into verticals such as beauty, home goods, and consumer technology.

The UK-based company will use the capital to expand its team and introduce Swap Inventory, a product that integrates with its platform. 

Swap Inventory is designed to enhance pricing modeling, provide AI-driven recommendations for restocking, and improve demand forecasting, inventory tracking, and data analysis. The product connects key operations within the merchant process, enabling businesses to consolidate multiple solutions into a single e-commerce system.

Sam Atkinson, co-founder & CEO of Swap, says, “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.”

“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.”

An e-commerce operating system

Founded in 2022 by Sam Atkinson and Zach Bailet, Swap provides an integrated platform designed to help merchants manage various aspects of their operations.

By consolidating multiple tools into a single platform, businesses can reduce costs by 30 per cent, increase revenue by 8 per cent, and save the equivalent of seven working days per month through improved efficiency.

The system connects functions such as cross-border transactions, inventory management, pricing, and returns within a single framework.

Swap enhances decision-making and operational efficiency by incorporating AI, data, and analytics. The platform aims to streamline business processes by centralising key functions, reducing complexity, and improving overall performance for e-commerce brands.

What do the investors have to say?

Dinika Mahtani, Partner at Cherry Ventures, adds, “Since Cherry’s seed investment two years ago, we’ve been extraordinarily impressed by Sam and the Swap team’s speed of execution in helping merchants simplify their operations. As global trade grows more complex, Swap is now a key infrastructure layer in the foundation of tomorrow’s generation of global brands.”

Chris Corbishley, Managing Partner at 9900 Capital, comments, “The global cross-border e-commerce market is booming, surpassing $1T in 2025 and growing 30 per cent yearly – yet millions of sellers still struggle to scale due to inefficient logistics, returns, and inventory management, which hurt both profits and the environment. Swap’s e-commerce OS solves these challenges, making global selling smoother and more sustainable.”

Yusuf Ozdalga, Partner at QED Investors, adds, “E-commerce lies at the heart of growth and increased economic productivity, and QED Investors is proud to continue supporting Swap as they deliver innovative solutions for merchants, making cross-border trade, customs, shipping and logistics a smoother and simpler experience.”