Global commerce operating system specialist Swap bags $100 million in Series C funding

Swap, whose system connects operations on one platform for e-commerce brands, has announced a $100 million Series C co-led by DST Global and ICONIQ.

"We have built an existing fleet of products that enable any brand to scale globally," says Sam Atkinson, Founder and CEO at Swap, which was founded in 2022. "Building upon this foundation of global commerce solutions, we will continue to help brands reach their full potential, levelling up on the promise to be the go to platform for brands to sell anywhere, anticipate intent, and convert more business."

The funding news comes six months after the company's Series B round, which raised $40 million led by ICONIQ to accelerate expansion into the US and EU and open new regions, including Australia and Canada. Swap also plans to enter underserved verticals such as beauty, home goods, and consumer technology.

“As a long time partner of Swap, we believe in their mission to become the go-to resource for commerce globally,” says Seth Pierrepont, General Partner at ICONIQ. “Our new investment doubles down on our belief that in today’s world, brands need sophisticated, end to end tools to optimise their operations. Swap is forging that path for brands of all sizes, and we are excited to be a part of it.”

2026 RTIH Innovation Awards

Startups will be a key focus area at the 2026 RTIH Innovation Awards.

The awards will open for entries in April. They celebrate global retail technology innovation in a fast moving omnichannel world.

Our winners will be revealed at the 2026 RTIH Innovation Awards Ceremony, taking place at The HAC in Central London on Thursday, 15th October.

Check out our 2025 winners here.

Our 2025 hall of fame entrants were revealed during a sold out event which took place at The HAC on 16th October and consisted of a drinks reception, three course meal, and awards ceremony presided over by award winning comedian, actress and writer Tiff Stevenson.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “This is the awards’ fifth year as a physical event. We started off with just 30 people at the South Place Hotel not far from here, then moved to London Bridge Hotel, then The Barbican, and last year RIBA’s HQ in the West End.”

“But I’m conscious of the fact that, to quote the legend that is Taylor Swift, You’re only as hot as your last hit, baby. So, this year we’ve moved to our biggest venue yet, and also pulled in our largest number of entries to date and broken attendance records.”

He added: “This year’s submissions have without doubt been our best yet. To quote one of the judges: The examples of innovative developments across both traditional and digital retail spaces were truly remarkable.”

Congratulations to our winners, and a big thank you to our sponsors, judging panel, the legend that is Tiff Stevenson, and all those who attended our 2025 gathering.