Fintech company 8fig recently raised $140 million in a Series B round led by Koch Disruptive Technologies.
Austin-based 8fig provides small- to medium-sized e-commerce businesses with financial tools to help them achieve sustainable growth. Its latest funding round brings its total venture capital raised to $196.5 million to date.
8fig’s platform combines financial management and funding solutions. Its artificial intelligence technology for chief financial officers works to provide continuous funding and tools for supply chain management, financial planning and freight and logistics coordination. With the additional capital, 8fig is now well-positioned to continue investing in e-commerce businesses while many online sellers are facing cash flow challenges, according to the company.
“During this period of economic uncertainty, e-commerce businesses are struggling to reach their full potential,” Yaron Shapira, co-founder and CEO of 8fig, said in a statement. “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.”
8fig has equipped online sellers with more than $500 million to date, the company said in a statement.
8fig’s Series B builds on the company’s recent growth momentum. In 2022, 8fig increased its annual revenue by 800 percent and grew its customer base by 900 percent, according to the company. It also expanded its headcount from 30 to 90 employees within the course of a year.
Looking to continually serve its growing customer base, 8fig recently added a freight management and payment feature to its platform and introduced a mobile app for managing funding plans. Going forward, 8fig will further advance its financial management capabilities, banking solutions and cash flow prediction models. The company said solution will offer alerts and insights based on a business’s performance.
