AI-Powered E-commerce Platform Swap Raises $40M to Revolutionize Online Retail Logistics
Staff Editor E-commerce Startup Swap Secures $40 Million in Series B Funding
Swap, an innovative e-commerce operations startup, has successfully raised $40 million in a Series B funding round led by ICONIQ Growth. The funding initiative also saw participation from notable investors including QED Investors, Cherry Ventures, Portfolio Ventures, and 9900 Capital.
Founded in 2022 by Sam Atkinson and Zach Bailet, Swap has quickly established itself as a comprehensive solution provider in the e-commerce logistics space. The company’s platform consolidates various aspects of e-commerce operations, including cross-border shipping, order tracking, return management, and inventory forecasting, into a single, integrated system.
Leveraging artificial intelligence, Swap has developed advanced features such as Swap Inventory, which utilizes AI to predict trends and demand. The company also employs AI for complex tasks like cross-border tax filing and return processing, incorporating foundation models such as Claude, Gemini, and ChatGPT.
Swap’s target market primarily consists of brands with annual revenues between $5 million and $100 million. Current clients include prominent fashion labels like Nadine Merabi, Motel Rocks, and The Frankie Shop. With the new influx of capital, the company aims to expand its services to cater to larger customers.
The founders bring diverse expertise to the venture. Sam Atkinson, a former corporate lawyer, previously worked at business banking startup Juni, while Zach Bailet’s background includes roles at Deloitte and textile manufacturer Tefron. The pair met during business school and have collaborated on previous e-commerce projects.
This latest funding round will fuel Swap’s international expansion plans, with the company setting its sights on markets such as Australia, Europe, Canada, and the United States. Additionally, Swap intends to bolster its sales team and establish a new office in New York.
In the competitive landscape of cross-border e-commerce logistics, Swap distinguishes itself by offering a unified platform solution. The company faces competition from established players like Global-E in cross-border logistics and Syrup and Autone in inventory management software.
Seth Pierrepont, a general partner at lead investor ICONIQ Growth, emphasized Swap’s comprehensive approach, stating, “Swap’s platform aims to solve operational challenges end-to-end for e-commerce brands, offering a unique solution in the market.”
As e-commerce continues to evolve globally, Swap’s innovative platform and recent funding success position it as a company to watch in the rapidly growing sector of e-commerce logistics and operations management.
