TL;DR
London- and New York-based Swap Commerce secured a $100 million financing round, months after a $40 million Series B. The AI-driven e-commerce platform, popular with luxury clothing brands, competes with incumbents such as Shopify.
What happened
Swap Commerce, an e-commerce startup founded in 2022 and operating from London and New York, announced a new $100 million funding round. The raise comes roughly six months after the company closed a $40 million Series B that was led by Iconiq. This latest round attracted investment from high-profile venture firms including DST Global and Iconiq, though the company declined to disclose its new valuation. Swap offers an AI-powered platform that helps brands create online storefronts and manage functions such as cross-border transactions, inventory and returns. The product has gained traction among luxury apparel brands and aims at merchants selling internationally. While the fresh capital and investor roster mark a rapid fundraising cadence, Swap enters a competitive space where large incumbents, including Shopify, remain major rivals.
Why it matters
- Rapid follow-on funding signals strong investor interest and momentum in e-commerce tooling.
- Swap’s AI features and cross-border focus target merchant needs that are increasingly important for global sales.
- High-profile backers like DST Global and Iconiq can boost Swap’s access to capital and market connections.
- The funding highlights continued VC appetite for startups that position themselves as alternatives to established platforms such as Shopify.
Key facts
- Swap Commerce was founded in 2022.
- The company is based in London and New York.
- Swap raised $100 million in a new financing round announced in January 2026.
- This round follows a $40 million Series B closed approximately six months earlier, led by Iconiq.
- Investors named in the new round include DST Global and Iconiq.
- Swap provides an AI-powered platform for building web storefronts and handling cross-border transactions, inventory management and returns.
- The platform has become popular with luxury clothing brands.
- Swap declined to comment on its latest valuation.
- Swap competes in a crowded market that includes e-commerce incumbents such as Shopify.
What to watch next
- Whether Swap will disclose its valuation following the new financing — not confirmed in the source.
- How Swap plans to allocate the $100M in new capital (product development, expansion, hiring, M&A, etc.) — not confirmed in the source.
- How effectively Swap can scale and compete against established platforms such as Shopify, especially in international commerce.
Quick glossary
- E-commerce platform: Software that enables businesses to create and manage online storefronts, process payments, and handle order logistics.
- Series B: A later-stage venture capital funding round typically used to scale a company that has established product-market fit.
- Cross-border transactions: Sales and payments where buyers and sellers are in different countries, often involving currency conversion and customs considerations.
- Venture capital (VC): Investment funding provided by firms or individuals to startups and early-stage companies with high growth potential.
Reader FAQ
How much did Swap raise in its latest round?
Swap announced a $100 million financing round.
Who invested in the new round?
The funding included investors such as DST Global and Iconiq.
What was the amount of Swap’s prior round?
Swap raised $40 million in a Series B roughly six months before the new round; that Series B was led by Iconiq.
What is Swap’s valuation after the new financing?
Not confirmed in the source.
IN BRIEF Posted: 11:10 AM PST · January 7, 2026 IMAGE CREDITS: MIAKIEVY / GETTY IMAGES Julie Bort Shopify competitor Swap raises $100M six months after raising $40M VC firms…
Sources
- Shopify competitor Swap raises $100M six months after raising $40M
- E-commerce operating startup Swap raises $100M
- Retail Tech Investment and M&A Tracker
- Leading US Fintech Startups to Watch in 2025 [Extended List]
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