# SWAP funding: rounds and investors > SWAP has raised $165M across 3 rounds since 2021. Investors include ICONIQ Capital, QED Investors and Cherry Ventures. Every round with its source. Source: https://millionrounds.com/company/swap (Millionrounds; every figure on the page links to its filing or article) Brazil · [Series C startup](https://millionrounds.com/companies) # Who invested in *SWAP* 3 rounds we have observed, with the 11 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 Financial Services Logistics Raised 10 months ago Follow SWAP and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fswap) Funding summary Updated 5 Nov 2026 **$165M** raised across 3 rounds since 2021, from 3 sources **$25M** Series A **$40M** Series B **$100M** Series C - **Latest round:** Series C, $100M Jan 2026 - **Step-up i:** 2.5× - **Investors:** 11 (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. 2022 2023 2024 2025 2026 **$25M** Series A **$40M** Series B **$100M** Series C - **First round:** Series A, $25M - **Biggest round:** $100M - **Usual gap between rounds:** 3.4 years ## The rounds - **Jan 2026** Series C **$100M** *2 new* *3 returning* [QED Investors](https://millionrounds.com/fund/qed-investors) [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) [IQ Capital](https://millionrounds.com/fund/iq-capital) [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital-2) [Portfolio Ventures](https://millionrounds.com/fund/will-martin) Source recorded - **Mar 2025** Series B **$40M** *4 new* [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital-2) Lead [QED Investors](https://millionrounds.com/fund/qed-investors) [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) [9900 Capital](https://millionrounds.com/fund/9900-capital) Reported by Silicon Canals - **Oct 2021** Series A **$25M** *5 new* [FJ Labs](https://millionrounds.com/fund/fj-labs) [Hustle Fund](https://millionrounds.com/fund/hustle-fund) [Canary](https://millionrounds.com/fund/canary) [Flourish Ventures](https://millionrounds.com/fund/flourish-ventures-2) [ONEVC](https://millionrounds.com/fund/onevc) Source recorded ## 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. **Series A** 2021 **Series B** 2025 **Series C** 2026 [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital-2) L [QED Investors](https://millionrounds.com/fund/qed-investors) [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) [FJ Labs](https://millionrounds.com/fund/fj-labs) [Hustle Fund](https://millionrounds.com/fund/hustle-fund) [IQ Capital](https://millionrounds.com/fund/iq-capital) [Canary](https://millionrounds.com/fund/canary) [Flourish Ventures](https://millionrounds.com/fund/flourish-ventures-2) [Portfolio Ventures](https://millionrounds.com/fund/will-martin) [ONEVC](https://millionrounds.com/fund/onevc) ## Everyone who backed them [ICONIQ Capital](https://millionrounds.com/fund/iconiq-capital-2) Family office **2** rounds, led 1 [QED Investors](https://millionrounds.com/fund/qed-investors) VC firm **2** rounds [Cherry Ventures](https://millionrounds.com/fund/cherry-ventures) VC firm **2** rounds [FJ Labs](https://millionrounds.com/fund/fj-labs) VC firm **1** round [Hustle Fund](https://millionrounds.com/fund/hustle-fund) VC firm **1** round [IQ Capital](https://millionrounds.com/fund/iq-capital) VC firm **1** round [Canary](https://millionrounds.com/fund/canary) VC firm **1** round [Flourish Ventures](https://millionrounds.com/fund/flourish-ventures-2) VC firm **1** round [Portfolio Ventures](https://millionrounds.com/fund/will-martin) VC firm **1** round [ONEVC](https://millionrounds.com/fund/onevc) VC firm **1** round [9900 Capital](https://millionrounds.com/fund/9900-capital) Investment firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=swap). ## Also claim to have backed them These 6 firms list SWAP as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) VC firm Per its own site [Delta Blockchain Fund](https://millionrounds.com/fund/delta-blockchain-fund) VC firm Per its own site [SevenX Ventures](https://millionrounds.com/fund/sevenx-ventures) VC firm Per its own site [Brainstorm Ventures](https://millionrounds.com/fund/brainstorm-ventures) VC firm Per its own site [Arche Fund](https://millionrounds.com/fund/arche-fund) Corporate VC Per its own site [Orbit Malaysia](https://millionrounds.com/fund/orbit-malaysia) Corporate VC Per its own site ## Quick answers about SWAP ### Who invested in SWAP? SWAP's investors include ICONIQ Capital, QED Investors, Cherry Ventures, FJ Labs and Hustle Fund, and 6 more on record. ### How much has SWAP raised? SWAP has raised $165M across 3 rounds since 2021. ### When did SWAP last raise? SWAP's most recent round was a Series C of $100M in Jan 2026. ### What was SWAP's biggest round? Its most recent round, $100M in Jan 2026, is also its largest on record. ### Who backed SWAP first? SWAP's first round on record, in Oct 2021, was backed by FJ Labs, Hustle Fund and Canary and 2 others. ### What stage is SWAP at? SWAP's latest named round is a Series C, in Jan 2026. ### Where is SWAP based? SWAP is based in Brazil. ### Who led SWAP's rounds? ICONIQ Capital led the Series B in 2025. ## Companies like SWAP In the same sector, and raised in the last eighteen months. [**Rivio** $18M · Nov 2026](https://millionrounds.com/company/rivio)[**Revi** $15M · Oct 2026](https://millionrounds.com/company/revi)[**Runflow** $1.4M · Oct 2026](https://millionrounds.com/company/runflow)[**Lume Robotics** Oct 2026](https://millionrounds.com/company/lume-robotics)[**Freedom** Oct 2026](https://millionrounds.com/company/freedom)[**Cashin** $404K · Oct 2026](https://millionrounds.com/company/cashin) ## 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