Venture capital firms DST Global and Iconiq are joining Swap Commerce, an e-commerce startup based in London and New York. On Wednesday, the startup announced it had raised $100 million in new funding, just six months after raising $40 million in a Series B round led by Iconiq.
Founded in 2022, Swap Commerce provides an AI-powered platform that enables brands to build web storefronts and process cross-border transactions, inventory management, and returns. The platform is popular among luxury clothing brands, and the company specifically targets companies looking to sell their products globally. The company declined to comment on the latest valuation.
While the quick and significant funding from such a prominent VC marks Swap as a startup to watch, Swap faces a lot of competition, including e-commerce giant Shopify.