US fintech start-up 8fig has secured $140 million in a Series B funding round, comprising of $40 million in equity and $100 million in debt financing. The company offers funding and supply chain management tools for e-commerce businesses, and has reportedly provided over $500 million in funding to online sellers to date.
A variety of tools, including cash flow planning, supply chain management, funding management, freight management, and payments, are available on the 8fig platform for e-commerce businesses. Recently, the business released a mobile app that enables users to manage their funding plan while on the go.
Yaron Shapira, co-founder and CEO of 8fig, claims that the business's goal is to give online vendors the resources and financial support they need to succeed in any economic environment. "The global macroeconomic challenges we are experiencing make it difficult for e-commerce business owners to access the resources they need to succeed," he said.
The Series B funding round comes as 8fig claims to have increased its client base by 900% and its annual revenue by 800% in 2022 alone. The company also expanded its employee headcount from 30 to 90 over the same period.
The funding round was led by investment firm Insight Partners, with participation from existing investors, including QED Investors, Entrée Capital, and Arbor Ventures. According to 8fig, the funding will be used to support the company's growth and expand its offerings to more e-commerce businesses.
The e-commerce industry has experienced significant growth in recent years, particularly during the COVID-19 pandemic, which has accelerated the shift to online shopping. As a result, demand for financing and supply chain management tools has increased, with a number of fintech start-ups emerging to address this need.
Overall, the $140 million funding secured by 8fig in its Series B round reflects the growing demand for fintech solutions in the e-commerce industry. With its range of tools and financial support, 8fig is well positioned to support the growth of e-commerce businesses and help them navigate the challenges of an ever-changing market.