8fig, one of the first companies to develop a platform based on automation for planning, operating and financing business plans for e-commerce players, has completed a $140 million Series B financing round. Founded three years ago, this is the company’s biggest financing round to date. 8fig has 90 employees in two main centers in Tel Aviv and Austin, Texas, and following the new investment, the company will hire dozens of employees in the coming months.
US investment company Koch Disruptive Technologies led the financing round with the participation of existing investors venture capital fund Battery Ventures, UK venture capital fund Localglobe, Israeli venture capital fund Hetz, the Jesselson family investment fund and Silicon Valley Bank, a division of First Citizens Bank in the US. Since its founding in 2020, the company has raised $196.5 million (including the current financing round). 8fig completed its $50 million Series A financing round in November 2021.
8fig allows e-commerce sellers to increase their annual revenue by understanding the specific needs of sellers and the industry in which they are operating, and by building AI-based models that help the sellers manage cash flow and adjust the supply chain. Since it was founded, 8fig has introduced AI to the online commerce sector and built the first AI CFO. Through this, the company provides e-commerce sellers with a CFO based on AI that assists them in managing the challenging financial sector, which requires sellers to allocate many resources. This is combined with financing that provides e-commerce sellers with options to grow rapidly.
“During this period of economic uncertainty, e-commerce businesses are struggling to reach their full potential,” said Yaron Shapira, cofounder and CEO of 8fig. “The global macroeconomic challenges we are experiencing make it difficult for e-commerce 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. The latest funding round has proven that the market has great confidence in 8fig and the important role 8fig continues to play in the ongoing growth of e-commerce.”
Isaac (Itzik) Sigron of Koch Disruptive Technologies (KDT) said: “Small and medium-sized e-commerce sellers are the core and main growth engine of digital commerce. The technology and financial platform that has been developed by fig8’s experienced team supports small and medium-sized entrepreneurs and enables effective and secure growth in a period of economic uncertainty. The investment in Yaron and his experienced team is part of a broader strategy of deepening KDT’s investments in Israeli entrepreneurs and breakthrough technologies.
Since it was founded, 8fig has provided financing of more than $500 million to online sellers, and this turnover has resulted in substantial growth for the company, which increased its customer base and revenue by 900% and 800%, respectively, as of 2022. During 2022, 8fig tripled its workforce to 90 employees. In addition, the company continues to develop the capabilities of its platform, and it recently launched a mobile app so that each customer can manage their business easily from their mobile devices.
