Cherry Ventures and ICONIQ Growth invested $40 million in Swap to enhance its cross-border commerce platform, which has already processed over $100 million annually.
Target Information
Swap is a transformative platform focused on revolutionizing cross-border commerce. Since its inception, it has achieved over $100 million in annual transaction processing, serving 400 prominent brands like Pangaia and Drakes. With a vision that recognizes the complexities of modern trade, Swap seeks to simplify the e-commerce landscape, enabling brands to concentrate on their core business—enhancing customer engagement and satisfaction.
Founded by industry visionaries Sam Atkinson and Zach Bailet, Swap emerged in mid-2022, capitalizing on the necessity for robust infrastructure in the global commerce arena, especially in a post-Brexit context. Their understanding of the global nature of contemporary retail set them apart, allowing them to establish the right foundation for ambitious brands aiming to expand their reach.
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Industry Overview in the UK
The UK e-commerce sector has undergone significant transformation, particularly following Brexit, as traditional retail faces increasingly stiff competition from digital platforms. With Shopify hosting approximately 8.8 million stores, online retailers are
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Cherry Ventures
invested in
Swap
in 2022
in a Series B deal
Disclosed details
Transaction Size: $40M
Revenue: $100M