8fig, a funding and management platform for ecommerce businesses, has closed a $140 million Series B funding round, bringing its total funding to date to $196.5 million.
The round was led by Koch Disruptive Technologies (KDT) with participation from existing investors Battery Ventures, Localglobe, Hetz, the Jesselson family and Silicon Valley Bank, now a division of First Citizens Bank.
8fig provides ecommerce businesses (primarily marketplace sellers) with bespoke funding plans, optimized 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 on an ongoing basis and are equity-free.
Using insights from 8fig’s platform, online sellers can rapidly respond to real-time industry changes, such as fluctuations in demand and shipment delays, and can change their funding plans accordingly. Since its inception, 8fig has delivered more than $500 million in funding to online sellers.
“During this period of economic uncertainty, ecommerce businesses are struggling to reach their full potential,” said Yaron Shapira, Co-founder and CEO of 8fig in a statement. “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.”
With this latest round of funding, 8fig plans to scale its funding capabilities in order to support more ecommerce businesses. The company also plans to implement enhanced financial management capabilities for the sellers it supports, with new banking solutions and cash flow prediction models that will include alerts and insights based on business performance. Additionally, 8fig is collaborating with ecommerce marketing agencies on a financial tool to evaluate its clients’ cash flow requirements and mitigate risks by providing alerts and actionable insights. “8fig’s innovative approach to ecommerce, combined with its strong technology platform and experienced team, gives us great confidence in its potential for growth and success,” said Isaac Sigron of Koch Disruptive Technologies in a statement. “As ecommerce continues to expand rapidly, we believe that 8fig is well positioned to address the evolving needs of entrepreneurs in this space.”