US-Israeli supply chain Fintech platform, 8fig, recently finalized a $50 million Series A round.
The company’s investment round has been joined by existing investors Battery Ventures and LocalGlobe, along with serial entrepreneur and co-founder of Nested and GoCardless’ Matt Robinson.
As mentioned in the update, Silicon Valley Bank will be offering debt to the Fintech firm as part of the funding round.
8fig said it will use the proceeds to support its ongoing growth and will focus on scaling its lending solution to more digital commerce firms.
With business offices based in Tel Aviv and Austin, Texas, 8fig offers capital and supply chain management solutions to digital commerce sellers. 8fig was established in 2020 by Yaron Shapira, Assaf Dagan, and Roei Yellin.
The Fintech firm’s product offerings reportedly include ongoing growth plans combined with low-cost or affordable capital, sales forecasts, unit economics, and profit breakdowns for digital commerce platforms.
As noted in the update, 8fig focuses on supporting e-commerce firms with effectively managing supply chains, streamlining cash flows, and enabling access to equity-free capital. The Israeli Fintech firm also analyzes each seller’s growth trajectory in order to offer appropriate funding options that may be adjustable to real-time events like delayed shipments and fluctuations in market demand.
Roei Yellin, CRO of the Fintech firm, stated:
“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.”
Before this Series A, 8fig had closed a seed funding round valued at $6.5 million in June 2021. The round had been led by Battery Ventures, along with contributions from Hetz Ventures, LocalGlobe and the investment division of the Jesselson Family.
Since finalizing their seed round, the Fintech firm reports growth of more than 200%.