US-Israeli supply chain fintech company 8fig has closed a US$50 million Series A round, the company said in a statement.
The round was raised from returning investors Battery Ventures and LocalGlobe, as well as serial entrepreneur and co-founder of Nested and GoCardless Matt Robinson. Silicon Valley Bank will be providing debt to the company as part of the fundraise.
Funding will be used to drive growth and scale its lending solution to more ecommerce businesses, the statement said.
With offices in Tel Aviv and Austin, Texas, 8fig provides capital and supply chain management tools for ecommerce sellers. 8fig was founded just last year by Yaron Shapira, Assaf Dagan, and Roei Yellin.
The startup’s offerings include growth plans combined with low-cost capital, sales forecasts, unit economics, and profit breakdowns for ecommerce companies.
8fig has grown 200% in the last six months
8fig focuses on enabling ecommerce companies to manage supply chains, optimise cash flows, and access equity-free capital. The Israeli fintech company analyses each seller’s growth trajectory to provide flexible funding that is adjustable to real-time events such as delayed shipments and fluctuations in demand.
“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,”
Yellin, CRO of the company, said.
Prior to the Series A, 8fig had previously raised a seed funding round of US$6.5 million in June this year. The round was led by Battery Ventures, along with participation from Hetz Ventures, LocalGlobe and the investment arm of the Jesselson Family.
Since their seed round, the startup has registered growth of over 200%, CEO Shapira said in the statement.
Featured image: 8fig (L-R Co-founder Yaron Shapira, Roei Yellin and Assaf Dagan)