US fintech 8fig secures $140m in equity and debt financing
8fig, a US start-up that provides funding and supply chain management tools for e-commerce businesses, has secured $40 million in equity and $100 million in debt financing as part of its Series B funding round.
The equity funding was led by Koch Disruptive Technologies with participation from existing investors Battery Ventures, Localglobe, Hetz Ventures, the Jesselson family, and Silicon Valley Bank (SVB), a division of First Citizens Bank, which has also provided the debt financing.
The new cash injection follows the company’s $50 million Series A held in November 2021.
Founded in 2020 and based in Austin, Texas, 8fig says it provides e-commerce companies with “bespoke funding plans that are optimised according to their supply chain and cash flow needs to accelerate growth”.
Its platform provides tools for cash flow planning, supply chain management, funding management, freight management, and payments. 8fig also recently introduced a mobile app that allows customers to manage their funding plan on the go.
It plans to use the latest funding to continue investing in small and medium-sized e-commerce businesses. It also plans to add new features to its platform including enhanced financial management capabilities, banking solutions, and cash flow prediction models.
“The global macroeconomic challenges we are experiencing make it difficult for e-commerce business owners to access the resources they need to succeed,” says Yaron Shapira, 8fig co-founder and CEO. “8fig is providing these online sellers with the financial support and tools necessary to thrive in any economic climate.”
To date, 8fig says it has provided online sellers with over $500 million in funding. It claims it increased its client base by 900% and its annual revenue by 800% in 2022 alone, while also increasing its employee headcount from 30 to 90.