🏆 Deal of the Week · CW 2/2026
Swap raised USD 100 million in a Series C round; the company's valuation was not disclosed. The round was co-led by DST Global and ICONIQ. The raise follows Swap's USD 40 million round closed just six months prior, marking an accelerated growth trajectory for the AI-powered e-commerce platform.
Swap — key deal facts
| Company | Swap |
| Founded | 2022 |
| Headquarters | New York, United States |
| Amount raised | USD 100m |
| Valuation | Valuation Remains Undisclosed |
| Round | Series C |
| Investors | The round was co-led by DST Global and ICONIQ |
| Sectors | Artificial Intelligence, E-commerce Platform |
Who invested in Swap?
The Series C was co-led by DST Global and ICONIQ, two of the most prominent growth-stage investors in global technology. DST Global brings deep expertise in scaling consumer internet and e-commerce businesses internationally, while ICONIQ is known for backing enterprise-grade software and infrastructure companies. The co-led structure signals strong institutional conviction in Swap's agentic commerce model from investors with complementary networks.
What does Swap do?
Swap is an AI-native commerce operating system founded in 2022 by Sam Atkinson and Zach Bailet, headquartered in New York, United States. The platform replaces conventional static storefronts with an agentic commerce layer that integrates semantic search with upsell intelligence, virtual try-ons, AI outfit builders, and voice-optimized agentic checkout. Swap reports conversion rates approximately double the industry average, attributing the improvement to its guided discovery and chat-based checkout experience. The platform also unifies backend operations — including tax, returns, and global fulfillment — under a single AI-native infrastructure, positioning Swap as a direct challenger to established e-commerce platforms.
Swap valuation & multiples
No verified revenue or EBITDA figures are publicly available for Swap at this time, and the company's post-money valuation was not disclosed in connection with this round. Accordingly, no EV/Sales or EV/EBITDA multiples can be calculated. For context on how comparable AI-powered e-commerce and platform businesses are valued, visit the Artificial Intelligence and E-commerce Platform sector multiples pages on DealMatrix.
Explore the benchmarks: Series C.
Frequently asked questions
How much did Swap raise in its Series C?
Swap raised USD 100 million in its Series C round, announced in January 2026.
What is Swap's valuation?
Swap's valuation was not disclosed in connection with its Series C financing.
Who invested in Swap?
The Series C was co-led by DST Global and ICONIQ.
When was Swap founded and where is it based?
Swap was founded in 2022 and is headquartered in New York, United States.
Source: original announcement — read the full report.