The global macroeconomic challenges are making it difficult for e-commerce business owners to access the resources they need to succeed. Texas-based 8fig provides these online sellers with the financial support and tools necessary to thrive in any economic climate.
8fig, a continuous funding and management platform for e-commerce businesses, has picked up $140 million in Series B funding. The combined equity and debt round was led by Koch Disruptive Technologies (KDT) with participation from existing investors Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank.
With this, the total investment raised by 8fig accounts for $196.5 million. Most of the money will go directly towards funding e-commerce SMBs, supporting their growth in challenging market conditions.
Additionally, the company plans to implement enhanced financial management capabilities with new banking solutions and cash flow prediction models that will include alerts and insights based on business performance. 8fig is also collaborating with e-commerce marketing agencies on a financial tool to evaluate their clients’ cash flow requirements and mitigate risks by providing alerts and actionable insights.
Yaron Shapira, co-founder and CEO of 8fig, “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.”
“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.”
One-stop shop for e-commerce business management
8fig was founded by serial entrepreneurs – Yaron Shapira, Assaf Dagan, and Roei Yellin in 2020. They worked together at several successfully acquired startups in the consumer app and fintech space. 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 struggling to manage their cash flow and grow their businesses.
The funds will be disbursed incrementally and on an ongoing basis, and is equity-free. Using insights from 8fig’s platform, online sellers can quickly and easily respond to real-time industry changes such as fluctuations in demand and shipment delays and can change their funding plans accordingly.
With operations across Austin, Texas and Tel Aviv, Israel, 8fig’s tech-infused funding and planning model has channeled over $500 million into e-commerce businesses to date, helping thousands of SMBs to grow.
In 2022, 8fig grew its global workforce threefold to 90 employees and further developed its platform’s capabilities. Recently, the company released a mobile app version and a freight management and payment functionality.
