Total amount raised
$196.5 Millions
Latest funding date
5/1/2023
Location
8fig has successfully raised significant funding over multiple rounds, positioning itself as a key player in the eCommerce growth sector. The platform offers a suite of tools designed to help eCommerce sellers manage cash flow, forecast sales, and optimize inventory.
Keep reading to explore the intricacies of 8fig's fundraising journey and the investors backing this innovative platform.
What Is 8fig?
Founded in 2020, 8fig is based in Austin, Texas. The company was established by Assaf Dagan, Roei Yellin, and Yaron Shapira.
8fig provides growth solutions for eCommerce sellers, offering flexible, equity-free funding, sales forecasting, cash flow planning, and inventory restocking recommendations.
With a team of 51-100 employees, 8fig leverages AI technology to help eCommerce businesses scale effectively.
How Much Funding Has 8fig Raised?
- Seed Round
- Amount Raised: $6.5M
- Date: June 2021
- Lead Investors: Battery Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of 8fig's platform and initial market entry.
- Series A
- Amount Raised: $50M
- Date: November 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities for eCommerce sellers.
- Series B
- Amount Raised: $40M
- Date: May 2023
- Lead Investors: Koch Disruptive Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand financial management capabilities and support eCommerce businesses during economic challenges.
- Debt Financing
- Amount Raised: $100M
- Date: May 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for financing eCommerce businesses and upgrading the platform.
Total Amount Raised: $196.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies (KDT) is a subsidiary of Koch Industries, focusing on investing in innovative and disruptive technologies. KDT aims to partner with high-growth companies to drive transformation across various industries.
- Investment Focus Areas: Disruptive technologies, innovative companies, high-growth sectors.
- Notable Investments: Desktop Metal, Insightec, RigUp.
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that backs companies at all stages, from seed to growth and buyout. Founded in 1983, the firm has invested in over 400 companies worldwide.
- Investment Focus Areas: Software, enterprise IT, industrial technology.
- Notable Investments: Coupa Software, Nutanix, Glassdoor.
- Localglobe
- Details: Localglobe is a UK-based venture capital firm that focuses on early-stage investments. The firm has a strong track record of backing startups that go on to become industry leaders.
- Investment Focus Areas: Technology startups, early-stage companies, seed and pre-seed investments.
- Notable Investments: TransferWise, Zoopla, Citymapper.
- Hetz Ventures
- Details: Hetz Ventures is an early-stage venture capital firm based in Israel. The firm focuses on investing in innovative technology companies with the potential for significant growth.
- Investment Focus Areas: Early-stage technology, innovative startups, growth-stage companies.
- Notable Investments: Granulate, Trigo, Vayyar.
- Silicon Valley Bank
- Details: Silicon Valley Bank (SVB) is a high-tech commercial bank that provides financial services to technology and life sciences companies. SVB is known for its deep expertise in the innovation sector.
- Investment Focus Areas: Technology, life sciences, venture capital.
- Notable Investments: Beyond Meat, Fitbit, Pinterest.
What's Next for 8fig?
8fig is poised to capitalize on the growing demand for flexible funding and supply chain management tools in the e-commerce sector. With plans to enhance its platform with new financial management capabilities, banking solutions, and cash flow prediction models, the company is well-positioned to support small and medium-sized e-commerce businesses. The recent $140 million funding round, which includes $40 million in equity and $100 million in debt financing, underscores the significant opportunities available for 8fig to expand its services and client base.
As 8fig continues to grow, future fundraising opportunities are likely to arise, driven by the need to support ongoing expansion and innovation. The company's impressive growth metrics, including a 900% increase in its client base and an 800% rise in annual revenue in 2022, suggest that investors will remain interested in backing its ambitious plans. However, 8fig may face challenges such as global macroeconomic uncertainties and competition from other fintech companies. Ensuring the scalability and reliability of its platform will be crucial as it navigates these hurdles.
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