Shopify competitor Swap raises $100M six months after raising $40M

VC firms DST Global and Iconiq are piling into the London- and New York-based e-commerce startup Swap Commerce. On Wednesday the startup announced it raised a new $100 million round just six months after raising 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 and handle cross-border transactions, inventory management, and returns. The platform has become popular with luxury clothing brands, and the company particularly targets companies looking to sell their goods globally. The company declined to comment on its latest valuation.

The fast, substantial funding from such prominent VCs marks Swap as a startup to watch, though Swap faces plenty of competition, including e-commerce behemoth Shopify.