# Swap Commerce funding: rounds and investors > Swap Commerce has raised $103M across 2 rounds since 2023. Investors include Iconiq Capital and DST Global. Every round with its source. Source: https://millionrounds.com/company/swap-commerce (Millionrounds; every figure on the page links to its filing or article) United Kingdom · [Series B startup](https://millionrounds.com/companies) # 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. AI E-commerce Raised 10 months ago Follow Swap Commerce and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fswap-commerce) Funding summary Updated 15 Nov 2026 **$103M** raised across 2 rounds since 2023, from 2 sources **$2.7M** Seed **$100M** Series B - **Latest round:** Series B, $100M Jan 2026 - **Led by:** Iconiq Capital - **Step-up i:** 36.9× - **Investors:** 2 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2023 2024 2025 2026 **$2.7M** Seed **$100M** Series B - **First round:** Seed, $2.7M - **Biggest round:** $100M - **Between rounds:** 2.9 years ## The rounds - **Jan 2026** Series B **$100M** *2 new* [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital) Lead [DST Global](https://millionrounds.com/fund/dst-global) Reported by TechCrunch - **Feb 2023** Seed **$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 **$100M** UK share allotment - Nov 2025 **$1.3M** UK share allotment - Feb 2023 **$2.7M** UK 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. **Seed** 2023 **Series B** 2026 [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital) L [DST Global](https://millionrounds.com/fund/dst-global) ## Everyone who backed them [Iconiq Capital](https://millionrounds.com/fund/iconiq-capital) Private equity **1** round, led 1 [DST Global](https://millionrounds.com/fund/dst-global) Private equity **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=swap-commerce). ## 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. [Portfolio Ventures](https://millionrounds.com/fund/will-martin) VC firm Per its own site ## Quick answers about Swap Commerce ### Who invested in Swap Commerce? Swap Commerce's investors include Iconiq Capital and DST Global. Iconiq Capital led its latest round. ### 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. ## Companies like Swap Commerce In the same sector, and raised in the last eighteen months. [**UFORCE** $1.4B · Nov 2026](https://millionrounds.com/company/uforce)[**Tolemy Bio** $3.1M · Nov 2026](https://millionrounds.com/company/tolemy-bio)[**Anorak** $5.0M · Nov 2026](https://millionrounds.com/company/anorak)[**Bioliberty** $22M · Nov 2026](https://millionrounds.com/company/bioliberty)[**Atmospheric AI** $20M · Nov 2026](https://millionrounds.com/company/atmospheric-ai)[**Lazarus AI** $43M · Nov 2026](https://millionrounds.com/company/lazarus-ai) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app