Swap Commerce is moving at startup warp speed.
The London- and New York-based Shopify rival has raised a fresh 100 million dollars, just six months after closing a 40 million dollar Series B led by Iconiq, the company confirmed on Wednesday.
This new round brings heavyweight investor DST Global into the cap table alongside Iconiq, which is doubling down on the young e-commerce infrastructure startup.
Founded in 2022, Swap Commerce sells an AI-powered platform for brands that want to run sophisticated online stores and sell globally without stitching together a dozen tools. Its software helps merchants build web storefronts and handle cross-border payments, inventory management, and returns from a single system.
Swap has quickly found a niche with luxury clothing brands, which lean on the platform to expand into new markets while keeping a tight grip on logistics and customer experience. The startup is explicitly targeting companies that want to take their products global from day one.
The company declined to comment on its latest valuation, but the timing and size of the new round signal strong investor conviction. Raising 100 million dollars on the heels of a 40 million dollar Series B is rare air for a three-year-old startup, even in a sector as frothy as e-commerce infrastructure.
Swap is also operating in the long shadow of Shopify, the Canadian e-commerce giant that defines the category it is trying to disrupt. While Shopify built its empire around powering small and medium-sized merchants, younger challengers like Swap are betting that a new wave of AI-native tools and built-in cross-border features can win over fast-growing, globally minded brands.
With fresh capital from DST Global and Iconiq, Swap now has the firepower to press its advantage in luxury commerce and expand its footprint beyond fashion. The real test will be whether it can convert investor enthusiasm into durable market share against entrenched incumbents like Shopify.
