Ampere partnered with 8fig to create a customized and flexible funding plan for products across Amazon and Shopify so the team could focus on what matters to them — product development and user expansion.
- 3M increase in revenue after partnering with 8fig for continuous capital
- Freedom to adjust the Growth Plan as the business ebbs and flows
- Less time spent stressing over stockouts and more time ideating and launching new products
When Reid Covington, Co-founder and CEO, and Chase Larson, Co-founder and COO, started Ampere and released their first product — Unravel — they knew their combination power bank and wireless charger would be a hit. What they didn’t realize was that it would quickly become the #1 selling wireless charger in crowdfunding history.
By the time they launched their second and third products, Reid and Chase knew they needed a sustainable and flexible partner to back them through eCommerce ups and downs. With capital and growth support from 8fig, Ampere revenue increased by $3m in just 12 months. And when seasonality slowed sales unexpectedly, 8fig adjusted their Growth Plan until they got back on track and back to breaking eCommerce records.
Reid Covington is a true entrepreneur — when asked why he enjoys eCommerce, he cited the pioneering and inventive spirit modern sellers can tap into.
“I’ve always loved the idea of creating an entirely new product and bringing it to market. It’s an incredible journey that we are on to make fun, functional products that people love using every day and get those products into the hands of millions of people and make their lives a little… more fun… and more functional!”
It was exactly this desire to create and bring new innovations to market that bonded Reid and Chase in college while they were studying abroad in China. Following a semester as roommates, Reid returned to the United States to work in eCommerce and digital marketing, while Chase remained in China and worked in consumer electronics. Years later, they joined forces again to launch Ampere, and found they had a knack for anticipating customer needs.
Their first product, Unravel, hit the Amazon top 10 charts in 2019 and was selected as Amazon’s Choice in the wireless charger category.
“We actually had the only multi-device wireless charger on the market that could charge an iPhone, AirPods and an Apple Watch at the same time. What makes Unravel great, though, is our patented hinge design, making it the ultimate travel wireless charger. That is until COVID happened and the travel category came to a stand still… so we had to pivot…”
Proving that lightning can strike twice, the next year Ampere launched Shower Power and won a 2020 CES Innovation award.
In 2021 Ampere did it again and launched Dusk, the world’s first and only app-enabled electrochromic tint-changing smart sunglasses and sales really started to take off. Reid knew they needed a partner to help them quickly scale and keep their supply chain stocked.
Why Ampere Chose 8fig
After years of working with traditional funding providers, Ampere needed a different kind of partnership to succeed on Amazon and Shopify. That’s when Reid heard about 8fig.
“8fig is different from traditional inventory-based financing or loans. It’s truly a collaborative partnership.” As a member of many online eCommerce communities, Reid learned that 8fig was a trusted and reliable partner for many other sellers who wanted to scale quickly and stay flexible.
“Our experience with 8fig has been awesome from start to finish. 8fig was recommended from a trusted source and I reached out directly to the team. We talked about my business and the next day I had an offer.”
How 8fig helped Ampere
Within months of partnering with 8fig, Ampere was scaling their store and selling their newest product, Dusk, with confidence. Then, the winter months started and sales of the sunglasses started slowing down a little more than they initially expected.
“When our sales slowed down we reached out to 8fig to let them know, and to tell them we expected to be back on track in a few months. And that’s exactly what happened.”
Reid reached out to 8fig immediately to adjust his Growth Plan in response to this unexpected seasonal dip. 8fig’s flexibility in the face of unexpected pivots was something Reid hadn’t experienced before with traditional funding providers. “Other places have an automatic remittance schedule and no recourse if anything happens — that doesn’t work. Things happen in business.”
8fig slowed down Ampere’s remittance schedule until business picked back up, and now Ampere is scaling to new heights. For Reid, that extra layer of flexibility from 8fig, and willingness to pivot when his business hit a bump in the road, is what makes 8fig different. “If you have a partner that understands your business and is willing to work with you when things happen, that makes for a much better relationship.”
In addition to funding flexibility, Reid also called out the security and peace of mind that 8fig offered Ampere. “Having that open dialogue and having a finance partner that trusts our business was a game changer. It made life a lot less stressful.”
To 8-figures and beyond
After partnering with 8fig, Ampere experienced 3M in increased revenue in just 12 months — and they don’t plan on slowing down.
“We launched the Ampere mobile app in 2022 and our goal is to have 1 million customers using and loving Ampere products every day by 2025.” As Reid and Chase continue to scale their business to new heights, they know that 8fig is a partner as much as they are a funder.
“8fig is very atypical in their willingness to work and understand our business and adapt when the business goes through some challenges. The communication line is always open.”