8fig raises $140 million to boost eCommerce businesses
8fig has taken another leap forward in their mission to help a growing number of eCommerce businesses achieve sustainable growth despite a turbulent global economy, thanks to an immensely successful Series B funding round.
8fig have announced that they have secured $140 million in funding at the close of their Series B funding round in April 2023.
8fig’s total funding to date is now $196.5 million.
The funding round, led by Koch Disruptive Technologies (KDT), included additional participation from existing investors Battery Ventures, Localglobe, Hetz Ventures, the Jesselson family, and Silicon Valley Bank, now a division of First Citizens Bank.
With the completion of this latest round of funding, 8fig now has the financial freedom to continue to invest in small to medium sized eCommerce businesses during a time when many online sellers are facing cash flow crunches. The global economy is facing obstacles of its own, and many eCommerce businesses find themselves without the financial support and resources they need to compete in today’s economic climate.
8fig provides a comprehensive growth and funding solution to this widespread challenge. 8fig’s unique AI CFO technology provides fast, continuous funding as well as serious financial tools for supply chain management, financial planning, and even freight and logistics coordination. Through their tried and tested strategy that combines high level financial management and funding, 8fig have helped countless eCommerce sellers reach their growth goals.
“During this period of economic uncertainty, eCommerce businesses are struggling to reach their full potential,” said Yaron Shapira, Co-Founder and CEO of 8fig. “The global macroeconomic challenges we are experiencing make it difficult for eCommerce business owners to access the resources they need to succeed. 8fig is providing these online sellers with the financial support and tools necessary to thrive in any economic climate. The latest funding round has proven that the market has great confidence in 8fig and the important role 8fig continues to play in the ongoing growth of eCommerce.”
To date, 8fig has provided online sellers with over $500 million and increased their client base by 900% and their annual revenue by 800% in 2022 alone. 8fig’s global workforce has grown from 30 to 90 employees in just one year.
“At a time when traditional banking is under pressure and credit is hard to come by for many businesses, 8fig remains committed to its mission of serving as a dependable partner to the estimated 2 million eCommerce businesses in the U.S.—and the company’s recent growth is a testament to that,” said Shiran Shalev, a partner at Battery Ventures.
8fig recently introduced a mobile app that allows customers to manage their funding plan on the go, as well as a freight management and payment feature.
In the future 8fig plan to add enhanced financial management capabilities, banking solutions, and cash flow prediction models. 8fig’s platform will incorporate alerts and insights based on business performance and collaborate with eCommerce marketing agencies to build a tool that evaluates customers’ cash flow health and needs, lowering risk through actionable insights and alerts.
“8fig’s innovative approach to eCommerce, combined with its strong technology platform and experienced team, gives us great confidence in its potential for growth and success,” said Isaac (Itzik) Sigron of Koch Disruptive Technologies. “As eCommerce continues to expand rapidly, we believe that 8fig is well-positioned to address the evolving needs of entrepreneurs in this space. We look forward to working closely with 8fig to support its mission of helping eCommerce businesses thrive and scale.”
8fig was co-founded in 2020 by serial entrepreneurs Yaron Shapira (CEO), Assaf Dagan (CTO), and Roei Yellin (CRO). After working together at several successfully acquired startups in the fields of supply chains, payment systems, and risk management, they noticed a need for a comprehensive cash management and funding solution for small to medium sized eCommerce businesses. They created 8fig as an answer and a means to provide the capital and resources these online sellers need to grow their businesses.