VC firms DST Global and Iconiq are increasing their investment in the e-commerce startup Swap Commerce, which is based in London and New York. On Wednesday, the startup announced it raised a new $100 million funding round. This comes just six months after it raised a $40 million Series B round led by Iconiq.
Founded in 2022, Swap Commerce offers an AI-powered platform that helps brands build web storefronts. The platform also handles cross-border transactions, inventory management, and returns. It has become popular with luxury clothing brands and specifically targets companies looking to sell their goods globally. The company declined to comment on its latest valuation.
This rapid and substantial funding from prominent venture capital firms marks Swap as a startup to watch. However, the company faces plenty of competition, including from e-commerce behemoth Shopify.