E-commerce planning and financing platform, 8fig, has closed a $140 million Series B funding round in combined equity and debt 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.
This brings its total funding to date to $196.5 million.
“During this period of economic uncertainty, e-commerce businesses are struggling to reach their full potential,” says Yaron Shapira, Co-founder and CEO at 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 it continues to play in the ongoing growth of e-commerce.”
Ending the week with a glowing review🎉 pic.twitter.com/9jirUFFwJr
— 8fig (@eightfig) May 5, 2023
“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,” says Isaac (Itzik) Sigron of Koch Disruptive Technologies.
“As e-commerce 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 it to support its mission of helping e-commerce businesses thrive and scale.”
With the latest round of funding, 8fig says it will “expand its growth efforts and scale its funding capabilities to support an increasing number of e-commerce businesses, helping them to continue growing amid economic uncertainty”.
The company also 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, as part of its quest to become a one stop shop for e-commerce business management.
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.
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