Swap, an e-commerce operating system that manages all operations for direct-to-consumer brands, announced a $9 million Series A led by QED Investors, with participation from Cherry Ventures, 9900 Capital, 2100 Ventures, and Ed Hallen (Co-Founder of Klaviyo).
With this funding round, Swap will launch Swap Global, enabling the company to unlock new markets through DDP shipping, automated tax remittance, and express customs clearance. And the funding will also help Swap grow its marketing and sales teams while the company works to broaden its footprint in the UK, Europe, and the U.S.
By 2031, the global cross-border e-commerce market is expected to surpass $1 trillion. With this opportunity, Swap will offer their companies global growth without the growing pains through this new product offering. Swap provides customers the answers they seek by providing transparency with guaranteed landed costs. And this latest offering takes the worry out of cross-border shipments and ensures duties, taxes, and fees are done at checkpoints to improve cart conversion.
Plus, Swap handles all global tax filing and duty drawbacks via localized tax and VAT filing by country on all international shipments. And customers will save hundreds of thousands annually by accessing and using Swap’s tax ID’s globally automated filing of duty drawback on return shipments. Swap currently partners with hundreds of DTC brands, such as PANGAIA, Retrofete, Hill House Home, Drake’s, Percival, and Nadine Merabi.
This funding news also comes on the heels of Juan Pellerano Rendón being named Swap’s first Chief Marketing Officer, heading up all marketing and communications functions. And Pellerano Rendón recently led Swap’s rebrand, overhauling the company’s branding, design, and messaging, and in 2024, will launch the company’s first series of marketing campaigns.
KEY QUOTES:
“I am thrilled to be partnering with QED Investors and its team of seasoned fintech operators to help scale Swap globally, at a time when DTC companies are desperately looking for ways to streamline their operations and improve customer lifetime value,” said
- Sam Atkinson, Co-Founder of Swap
“We are ambitious with the products we are building, and with the launch of our Global offering, we are now the first e-commerce platform to do it all at once. Swap continues to be at the forefront of innovation in this space and will continue to carve out new categories within the e-commerce market as we help companies simplify their tech stacks.”
- Co-Founder of Swap, Zach Bailet
“Swap is a true outlier in the crowded retail SaaS platform space. Instead of building one more point solution, Swap has built a one-stop shop for a merchant’s entire logistics stack, starting with the two most challenging pieces of the puzzle – returns and cross-border. We have no doubt that the company’s holistic approach to e-commerce operations is truly game-changing for brands and retailers. We’re incredibly excited and proud to partner with Swap as the company prepares for a year of growth with their newly launched Swap Global product offering.”
- QED Investors’ Alexandra Piedrahita
