8fig, a platform that provides continuous financing and management for e-commerce companies, has announced the successful completion of a $140 million Series B investment round. Koch Disruptive Technologies (KDT) led the round, which also saw participation by existing investors Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank. The funding came from a combination of an equity offering and a credit line. With this new round of fundraising, 8fig has raised a grand total of $196.5 million.
8fig plans to use the proceeds from this round to increase the number of e-commerce enterprises it supports in growing, even as the economy shows signs of slowing down. As part of its strategy to become a one-stop shop for online business management, the company also intends to adopt improved financial management skills in the form of new banking solutions and cash flow forecast models, complete with alerts and insights based on business performance.
8fig’s steady growth and mission to spur e-commerce
8fig offers e-commerce companies optimised funding strategies that are tailored to their supply chain and cash flow requirements in order to expedite expansion. Insights from 8fig’s platform allow e-commerce businesses to rapidly and easily adjust their finance strategies in response to real-time industry developments like demand variations and shipment delays.
The 8fig platform provides capabilities for supply chain management, financial planning, and freight and logistics coordination, and it also allows online merchants to manage their funding and remittance schedules. The company provides funding on a rolling basis with no initial equity investment.
8fig is says that it is committed to directly contributing to the continued success of the ecommerce firms in its network at a time when many online sellers are battling with cash flow problems owing to failing economic conditions and lower customer spending. This includes expanding its supply chain management platform for online retailers and allocating additional funds to finance e-commerce enterprises.
The company equips online merchants with the resources and financial backing they need to succeed in any economy. The success of the most recent investment round demonstrates the market’s faith in 8fig and the significance of the role it plays in the development of e-commerce.
8fig has provided approximately $500 million in investment to e-commerce businesses since its start. As a result of its success, the company has expanded significantly, doubling its client list and tripling its yearly income in 2022. It has tripled its global workforce to 90 employees during that time, and it has just created a mobile app with goods management and payment features.
Isaac (Itzik) Sigron of Koch Disruptive Technologies said, “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.”
Ecommerce marketing firms are working with 8fig on a financial tool that will let them assess their customers’ cash flow needs, identify potential dangers, and take corrective measures.