Venture Capital: 8fig, A Finance Provider To E-Commerce Sites, Lands $140M Series B
8fig has raised total funding to date of $196.5 million.
8fig, a company that offers growth and funding solutions to small to medium-sized eCommerce businesses, has secured $140 million in a Series B funding round. The funding was led by Koch Disruptive Technologies, with participation from existing investors Battery Ventures, Localglobe, Hetz Ventures, the Jesselson family, and Silicon Valley Bank.
With the additional funding, the company has the financial freedom to continue investing in online sellers during a time when many are facing cash flow crunches. The company’s unique AI CFO technology provides fast, continuous funding, financial planning tools, and supply chain management, among others. To date, it has provided online sellers with over $500 million and has grown its client base by 900% and its annual revenue by 800%. (8fig)
Additionally, it has increased its global workforce from 30 to 90 employees in just one year. The company plans to add enhanced financial management capabilities, banking solutions, and cash flow prediction models in the future. It recently also introduced a mobile app and a freight management and payment feature.
Co-founder and CEO Yaron Shapira said the latest funding round proves that the market has confidence in 8fig and the important role it continues to play in the ongoing growth of eCommerce.
Related Story: Thrasio Nabs Another $750M To Acquire Amazon Merchants
Photo by Mark König on Unsplash
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