# Swell funding: rounds and investors > Swell has raised $51M across 8 rounds since 2014. Investors include Citibank, Mitsubishi UFJ Capital and Headline. Every round with its source. Source: https://millionrounds.com/company/swell (Millionrounds; every figure on the page links to its filing or article) Japan · [Venture startup](https://millionrounds.com/companies) # Who invested in *Swell* 8 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. IT Services Funding summary Updated 26 Oct 2026 **$51M** raised across 8 rounds since 2014, from 8 sources **$850K** Debt **$2.0M** Venture **$20M** Series A **$10M** Series A **$4.4M** Venture **$12M** Series A **$600K** Seed **$1.6M** Venture - **Latest round:** Venture, $1.6M Feb 2025 - **Biggest round:** $20M Series A · Jan 2022 - **Step-up i:** 2.7× - **Investors:** 11 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. 2014 2016 2018 2020 2022 2024 **$850K** Debt **$2.0M** Venture **$20M** Series A **$10M** Series A **$12M** Series A **$600K** Seed **$1.6M** Venture - **First round:** Debt, $850K - **Biggest round:** $20M - **Usual gap between rounds:** 12 months ## The rounds - **Feb 2025** Venture **$1.6M** *1 new* [Keyhorse Capital](https://millionrounds.com/fund/keyhorse-capital) Source recorded - **Feb 2024** Seed **$600K** *1 new* [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) Source recorded - **Jan 2024** Series A **$12M** *3 new* [Framework Ventures](https://millionrounds.com/fund/framework-ventures) [Apollo](https://millionrounds.com/fund/apollo-global-management) [Maven 11 Capital](https://millionrounds.com/fund/maven-11) Source recorded - **Aug 2022** Venture **$4.4M** *1 new* [Cultivation Capital](https://millionrounds.com/fund/cultivation-capital) Source recorded - **Feb 2022** Series A **$10M** *1 new* [Citibank](https://millionrounds.com/fund/citi) Source recorded - **Jan 2022** Series A **$20M** *4 new* [Headline](https://millionrounds.com/fund/headline) [Commerce Ventures](https://millionrounds.com/fund/commerce-ventures) [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) [VMG Partners](https://millionrounds.com/fund/vmg-partners) Source recorded - **Jul 2015** Venture **$2.0M** No investor was named in the report. From a historical funding record - **Apr 2014** Debt **$850K** No investor was named in the report. From a historical funding record ## Funding filed with regulators Swell filed one raise, $32K in all. Filings say how much was sold and to how many investors; they never name the investors. - Apr 2024 **$32K** other of $1.0M offered Crowdfunding ## Founders and team From Swell's own website: 1 founder, 3 on the team. **Rachel Edenfield** Founder & CEO - **Annie Clouse** Director of Operations - **Brian Rothenberg** Board Member - **Garrett Smith** Board Member Advisers *Jim Hughes* *Zack Sensing* *Kyle Olson* ## 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. **Debt** 2014 **Venture** 2015 **Series A** 2022 **Series A** 2022 **Venture** 2022 **Series A** 2024 **Seed** 2024 **Venture** 2025 [Citibank](https://millionrounds.com/fund/citi) [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) [Headline](https://millionrounds.com/fund/headline) [Cultivation Capital](https://millionrounds.com/fund/cultivation-capital) [Commerce Ventures](https://millionrounds.com/fund/commerce-ventures) [Framework Ventures](https://millionrounds.com/fund/framework-ventures) [Apollo](https://millionrounds.com/fund/apollo-global-management) [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) [Maven 11 Capital](https://millionrounds.com/fund/maven-11) [Keyhorse Capital](https://millionrounds.com/fund/keyhorse-capital) ## The exit Exit Buyer Price When Acquired [Apple](https://millionrounds.com/fund/apple) $30M Jun 2014 From historical deal records. Wrong? [Tell us](https://millionrounds.com/corrections?slug=swell). ## Everyone who backed them [Citibank](https://millionrounds.com/fund/citi) Growth equity **1** round [Mitsubishi UFJ Capital](https://millionrounds.com/fund/mitsubishi-ufj-capital-co-ltd) VC firm **1** round [Headline](https://millionrounds.com/fund/headline) VC firm **1** round [Cultivation Capital](https://millionrounds.com/fund/cultivation-capital) VC firm **1** round [Commerce Ventures](https://millionrounds.com/fund/commerce-ventures) VC firm **1** round [Framework Ventures](https://millionrounds.com/fund/framework-ventures) VC firm **1** round [Apollo](https://millionrounds.com/fund/apollo-global-management) Private equity **1** round [Bonfire Ventures](https://millionrounds.com/fund/bonfire-ventures) VC firm **1** round [Maven 11 Capital](https://millionrounds.com/fund/maven-11) VC firm **1** round [Keyhorse Capital](https://millionrounds.com/fund/keyhorse-capital) VC firm **1** round [VMG Partners](https://millionrounds.com/fund/vmg-partners) VC firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=swell). ## Also claim to have backed them These 2 firms list Swell 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. [Garry Tan](https://millionrounds.com/fund/garry-tan) Angel Per its own site [Abstraction Capital](https://millionrounds.com/fund/abstraction-capital) VC firm Per its own site ## Quick answers about Swell ### Who invested in Swell? Swell's investors include Citibank, Mitsubishi UFJ Capital, Headline, Cultivation Capital and Commerce Ventures, and 6 more on record. ### How much has Swell raised? Swell has raised $51M across 8 rounds since 2014. ### When did Swell last raise? Swell's most recent round was a Venture of $1.6M in Feb 2025. ### What was Swell's biggest round? Swell's largest round on record is $20M (Series A), in Jan 2022. ### Who backed Swell first? Swell's first round on record, in Jan 2022, was backed by Headline, Commerce Ventures and Bonfire Ventures and 1 others. ### What stage is Swell at? Swell's latest named round is a Venture, in Feb 2025. ### Where is Swell based? Swell is based in Japan. ## Companies like Swell In the same sector, and raised in the last eighteen months. [**Kaminashi** $14M · Oct 2026](https://millionrounds.com/company/kaminashi)[**Flyle** $13M · Oct 2026](https://millionrounds.com/company/flyle)[**Aitane** $196K · Sept 2026](https://millionrounds.com/company/aitane)[**Jij** $7.3M · Aug 2026](https://millionrounds.com/company/jij)[**LAMP Japan** $7.0M · Jul 2026](https://millionrounds.com/company/lamp-japan)[**Univearth** $4.8M · Jul 2026](https://millionrounds.com/company/univearth) ## 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