8fig (www.8fig.co), the ongoing financing and management platform for e-commerce companies, has announced the closing of a $140 million Series B funding round in a combined equity and credit facility led by Koch Disruptive Technologies (KDT) with participation from existing investors Battery Ventures and Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank. This brings 8fig’s total funding to date to $196.5 million.
At a time when many online sellers are experiencing cash flow crises due to faltering economic conditions and declining consumer spending, 8fig is focused on contributing directly to the sustainable success of its network’s e-commerce business. This includes delegating more capital to fund the e-commerce business and strengthening the supply chain management platform for online sellers.
8fig provides ecommerce businesses with customized financing plans that are optimized for their supply chain and cash flow needs to accelerate growth. Online sellers can manage their financing and remittance schedules using the 8fig platform, which also provides tools for supply chain management, financial planning, shipping coordination, and logistics. Funds are disbursed from 8fig gradually and on an ongoing basis, and are royalty-free. Using insights from the 8fig platform, online sellers can quickly and easily respond to real-time industry changes such as fluctuations in demand and shipping delays and can alter their financing plans accordingly, if needed.
“During this period of economic uncertainty, e-commerce companies are struggling to reach their full potential,” said Yaron Shapira, co-founder and CEO of 8fig. “The global macroeconomic challenges we face are making it difficult for e-commerce business owners to access the resources they need to succeed. 8fig offers these online sellers the financial support and tools to thrive in any economic climate. This latest funding round has demonstrated that the market has great confidence in 8fig and that the important role 8fig continues to play in the continued growth of e-commerce.”
Since its inception, 8fig has provided more than $500 million in financing to online sellers. Its success has led to explosive growth for the company, increasing its customer base and annual revenue by 900% and 800% respectively in 2022. During the same period, 8fig has grown its global workforce three-fold to 90 employees and upgraded the capabilities of its platform, the latest version of the app Mobile and shipping and payment management functionality.
“8fig’s innovative approach to e-commerce, combined with its strong technology platform and experienced team, gives us great confidence in its potential for growth and success,” said Isaac (Itzik) Sigrun of Koch Disruptive Technologies. “With e-commerce continuing to expand rapidly, we believe 8fig is well-positioned to meet the evolving needs of entrepreneurs in this space. We look forward to working closely with 8fig in support of its mission of helping e-commerce businesses thrive and expand.”
With its latest round of financing, 8fig will expand its growth efforts and broaden its financing capabilities to support a growing number of e-commerce businesses – helping them continue to grow amid economic uncertainty. In addition, the company plans to implement enhanced financial management capabilities through new banking solutions and cash flow forecasting models that will include alerts and insights based on business performance, as part of its drive to become a one-stop-shop for managing an e-commerce business. 8fig also collaborates with e-commerce marketing agencies on a financial tool to assess their clients’ cash flow requirements and mitigate risk by providing actionable alerts and insights.
about 8fig
8fig was co-founded by Yaron Shapira (CEO), Assaf Dagan (CTO), and Roei Yellin (CRO) in 2020. The founders, all serial entrepreneurs, have worked together on several successful consumer apps and fintech startups. Their experience in supply chains, payment systems and risk management highlighted the need for an e-commerce solution for small and medium-sized business owners who are struggling to manage their cash flow and grow their businesses. 8fig’s operations are based in Austin, Texas and Tel Aviv, Israel.
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