8fig, a continuous funding and management platform for ecommerce firms, has closed a Series B funding round on $140m.
The round included combined equity and credit facility led by Koch Disruptive Technologies with participation from Battery Ventures, Localglobe, Hetz, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank. T
8fig is focused on directly contributing to the sustained success of the ecommerce businesses in its network. This includes delegating more capital to finance ecommerce businesses and enhancing its supply chain management platform for online sellers.
8fig provides ecommerce businesses with bespoke funding plans that it claims are optimised according to their supply chain and cash flow needs to accelerate growth. Online sellers can manage their funding and remittance schedules using the 8fig platform, which also offers tools for supply chain management, financial planning, and freight and logistics coordination.
The funds from 8fig are disbursed incrementally and on an ongoing basis, and is equity-free. Using insights from 8fig’s platform, online sellers can quickly and easily respond to real-time industry changes such as fluctuations in demand and shipment delays and can change their funding plans accordingly, if necessary. Since its founding, 8fig has delivered over $500m in funding to online sellers.
With this round of capital, 8fig will expand its growth efforts and scale its funding capabilities to support a widening number of ecommerce firms, helping them to continue growing amid economic uncertainty.
Additionally, the company 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 ecommerce business management.
8fig is also collaborating with ecommerce marketing agencies on a financial tool to evaluate their clients’ cash flow requirements and mitigate risks by providing alerts and actionable insights.
8fig CEO and co-founder Yaron Shapira said, “During this period of economic uncertainty, ecommerce businesses are struggling to reach their full potential. 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 8fig continues to play in the ongoing growth of ecommerce.”
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