With the new funding, Swap plans to expand internationally, targeting markets in Australia, Europe, Canada, and the US, and aims to serve larger customers over time. The company will also build out its sales team and open a fourth office in New York, adding to its existing locations in London, Tel Aviv, and the Netherlands. Swap's platform assists brands with international sales by calculating duties and taxes at checkout and partnering with FedEx for shipping. The startup competes with companies like Global-E in cross-border logistics and Syrup and Autone in AI-based inventory management.
Key takeaways:
- Swap raises $40 million in Series B funding led by ICONIQ Growth to expand its e-commerce logistics platform.
- Founded in 2022, Swap consolidates logistics for e-commerce brands into one platform, using AI for inventory management and operational processes.
- The company plans to use the new funding for international expansion, targeting markets like Australia, Europe, Canada, and the US.
- Swap's platform competes with companies like Global-E, Syrup, and Autone by offering a comprehensive solution for cross-border sales and inventory management.