Israeli fintech platform 8fig today announced the completion of a $50 million Series A financing round. Investors in the round include Battery Ventures, LocalGlobe, and Matt Robinson, serial entrepreneur and co-founder of Nested and GoCardless. As part of the round, Silicon Valley Bank will also provide a credit facility to accelerate 8fig’s growth and expand its funding capabilities to more eCommerce sellers.
8fig will use the funds to speed up growth and expand lending capabilities to more eCommerce businesses striving to fulfill their potential.
With offices in Tel Aviv and Austin, Texas, 8fig was founded in 2020 by CEO Yaron Shapira, CTO Assaf Dagan and CRO Roei Yellin. 8fig’s core mission is to help online sellers grow as fast as possible to become 8-figure sellers without giving up an equity stake in their business. The company seeks to achieve this by providing equity-free flexible funding and supply chain management tools for eCommerce sellers.
Shapira said, "By reinventing the way eCommerce sellers manage their supply chain, 8fig is helping these businesses scale with confidence. Our rapid growth - more than 200% in just six months since our seed round - demonstrates the efficacy of 8fig’s growth planning technology. With this new support, we look forward to ramping up operations as we take the fear out of financing for eCommerce sellers."
Yellin added, "The events of the last 18 months have precipitated a surge in emerging, next-generation eCommerce sellers. Commercial loans are traditionally rigid in structure and carry a high cost of capital, a model that is not conducive to eCommerce sellers’ development. Our innovative technology combined with flexible, uncapped capital gives emerging online sellers the line of sight and confidence they need to scale quickly."
Published by Globes, Israel business news - en.globes.co.il - on November 21, 2021.
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