United Kingdom · 
Who invested in Swap Commerce?
Swap Commerce's investors include Iconiq Capital and DST Global. Iconiq Capital led its latest round.
2023202420252026
$2.7MSeed$100MSeries BUnited Kingdom · Series B startup
Who invested in Swap Commerce
2 rounds we have observed, with the 2 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.
Raised 10 months ago
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Funding summaryUpdated 15 Nov 2026
$103Mraised across 2 rounds since 2023, from 2 sources
$2.7MSeed$100MSeries B
- Latest round
- Series B, $100MJan 2026
- Led by
- Iconiq Capital
- Step-upi
- 36.9×
- Investors
- 2 (1 led)
The funding story
Each circle is a round, placed by date and sized by amount. The line above is the running total.
- First round
- Seed, $2.7M Feb 2023
- Biggest round
- $100M Series B · Jan 2026
- Between rounds
- 2.9 years from the last two
The rounds
- Jan 2026
- Feb 2023Seed$2.7M
No investor was named in the report.
Shares issued, filed with Companies House (SH01); no report of this raise yet
Funding filed with regulators
Swap Commerce filed 3 raises, $104M in all. Filings say how much was sold and to how many investors; they never name the investors.
- Nov 2025$100MUK share allotment
- Nov 2025$1.3MUK share allotment
- Feb 2023$2.7MUK share allotment
Who was in which round
The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.
Everyone who backed them
Missing a round, or an investor who was in one? Tell us.
Also claim to have backed them
This firm lists Swap Commerce as a portfolio company on their own website, but no report of a round names it. They are the firms' own claims, kept apart from the rounds above.
Quick answers about Swap Commerce
How much has Swap Commerce raised?
Swap Commerce has raised $103M across 2 rounds since 2023.
When did Swap Commerce last raise?
Swap Commerce's most recent round was a Series B of $100M in Jan 2026, led by Iconiq Capital.
What was Swap Commerce's biggest round?
Its most recent round, $100M in Jan 2026, is also its largest on record.
Who backed Swap Commerce first?
Swap Commerce's first round on record, in Jan 2026, was backed by Iconiq Capital and DST Global.
What stage is Swap Commerce at?
Swap Commerce's latest named round is a Series B, in Jan 2026.
Where is Swap Commerce based?
Swap Commerce is based in the United Kingdom.
Who led Swap Commerce's rounds?
Iconiq Capital led the Series B in 2026.
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