8fig Raises $50M in Series A Funding
8fig is on a mission to democratize online retail and power 100,000 sellers to 8-figures through technology.
We are thrilled to announce our $50 million Series A funding, which includes Battery Ventures, Localglobe, and Matt Robinson, serial entrepreneur and co-founder of Nested and GoCardless. As part of the round, Silicon Valley Bank will also provide a credit facility to expand 8fig’s funding capabilities to more eCommerce sellers.
We believe this investment will enable us to optimize and scale our supply chain-based funding platform to propel more online sellers to their next stage of growth.
The new round took place just 6 months after our Seed round. Battery Ventures approached our Co-founder and CEO Yaron Shapira to kick off discussions.
“By reinventing the way eCommerce sellers manage their supply chain, 8fig is helping these businesses scale with confidence” said Yaron Shapira, Co-Founder and CEO of 8fig. “Our rapid growth – more than 200% in just six months since our seed round – demonstrates the efficacy of 8fig’s growth planning technology. With this new support, we look forward to ramping up operations as we take the fear out of financing for eCommerce sellers.”
Here at 8fig, we’ve introduced a new category of eCommerce funding, powered by our growth planning technology. By analyzing and validating each seller’s growth trajectory, 8fig delivers accurate and adaptable funding on more attractive terms, all without taking equity.
“Our 8fig Growth Plan has allowed us to buy inventory on a quarterly basis. This brings our costs down, impacting our bottom line directly. Most importantly, we NEVER have to worry about running out of stock again, which means we can continue to build momentum and expand the breadth of our product assortment.”
– Alexandra Wiatr, Amazon Seller & Current 8fig Customer
What’s more, 8fig’s software allows end-users to intelligently manage their supply chains, optimize cash flows, and receive continuous capital infusions tailored to their specific needs. Our planning tool is free to use for any online seller, and sellers with six figures in sales or more projected can then submit a Growth Plan for funding consideration.
“Our supply chain-based funding technology has already endured the hardest stress test imaginable: the global container crisis,” said Co-founder Assaf Dagan. “Though the delays and chaos are forecasted to persist, 8fig sellers will continue to enjoy a competitive advantage. Simply put, we’re enabling thousands of online businesses to radically scale quickly, cost-effectively and without dilution.”
To the 8fig community of investors, staff, and sellers, your partnership is what makes this new category of supply chain-based funding a reality. Together, we’re democratizing eCommerce and enabling sellers all over the world to scale their stores, and their sales, to new heights.
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8fig is a fintech platform that aligns continuous, adaptable capital to supply chain demands. Our innovative planning and funding technology was built by payment processing and supply chain risk management experts Yaron Shapira, Assaf Dagan, and Roei Yellin. 8fig provides growth plans combined with low-cost capital, sales forecasts, unit economics, and profit breakdowns for eCommerce brands to uncap growth and eliminate the cash flow crunch. The company has offices in Tel Aviv and Austin, TX. For more information, please visit 8fig.co.