Fintech firm 8fig announced that it has secured a US$140 million Series B funding round in April 2023 led by Koch Disruptive Technologies (KDT). This brings 8fig’s total funds raised to US$196.5 million.
The funding round was also joined by existing investors Battery Ventures, Localglobe, Hetz Ventures, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank.
Founded in 2020, 8fig provides flexible funding and supply chain planning tools to e-commerce businesses and has a presence in the U.S. and Israel.
8fig had 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 plans 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 e-commerce marketing agencies to build a tool that evaluates customers’ cash flow health and needs, lowering risk through actionable insights and alerts.
The company has provided online sellers with over US$500 million and increased its client base by 900% and annual revenue by 800% in 2022 alone. The firm also grew its global workforce from 30 to 90 employees in one year.
“The global macroeconomic challenges we are experiencing make it difficult for e-commerce 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 e-commerce.”
said Yaron Shapira, Co-founder and CEO of 8fig.
Featured image credit: 8Fig Team