Swap, a company that provides an eCommerce operating system for direct-to-consumer (DTC) brands, has raised $9 million in a Series A funding round. The investment will be used to launch Swap Global, a new platform designed to facilitate cross-border shipments and help DTC brands expand into international markets.
The funding round was led by QED Investors, a fintech-focused venture capital firm. Other participants in the round were not disclosed.
Swap Global will offer a suite of services to streamline international eCommerce operations for DTC brands. This includes delivered duty paid (DDP) shipping, automated tax remittance, and express customs clearance.
By handling duties, taxes, fees and customs processes upfront, Swap Global aims to provide DTC brands with a seamless cross-border shipping experience with guaranteed total landed costs.
“DTC companies are desperately looking for ways to streamline their operations and improve customer lifetime value,” said Sam Atkinson, co-founder of Swap. “I’m thrilled to partner with QED Investors to help scale Swap globally at this critical time.”
In addition to launching Swap Global, the funding will also allow Swap to grow its marketing, sales and operational teams. The company plans to expand its presence in the United Kingdom, Europe and United States markets.
Swap’s existing eCommerce operating system already manages shipping, tracking, package protection, returns and cross-border logistics for hundreds of DTC brands. By adding global capabilities, the company can provide an end-to-end solution for eCommerce operations.
“Swap has built a one-stop shop for a merchant’s entire logistics stack, starting with the two most challenging pieces – returns and cross-border,” said Alexandra Piedrahita of QED Investors. “The company’s wholistic approach to eCommerce operations is truly game-changing for brands and retailers.”
The funding comes at a time when global trade is booming in the post-pandemic economy. A recent report from PYMNTS Intelligence highlighted how businesses must look internationally to maximize growth and access the greatest number of customers worldwide.
With its new cross-border platform, Swap is positioning itself to capitalize on this surging global eCommerce opportunity for DTC brands. The $9 million investment provides capital to scale up operations and support international expansion.
