8fig raises combined $50 million in Series A for fintech platform providing flexible funding
By analyzing and validating each seller’s growth trajectory, the Israeli startup delivers adaptable funding on more attractive terms without taking equity
CTech | 11:52 21.11.2021
Five months after announcing its Seed round, Israeli startup 8fig, which provides equity-free flexible funding and supply chain management tools for e-commerce sellers, has announced the completion of a $50 million Series A funding round. Investors in the round include Battery Ventures, LocalGlobe, and Matt Robinson, serial entrepreneur and co-founder of Nested and GoCardless. As part of the round, Silicon Valley Bank will also provide a credit facility to accelerate 8fig’s growth and expand its funding capabilities to more e-commerce sellers. “By reinventing the way eCommerce sellers manage their supply chain, 8fig is helping these businesses scale with confidence,” said Yaron Shapira, Co-Founder and CEO of 8fig. “Our rapid growth – more than 200% in just six months since our Seed round – demonstrates the efficacy of 8fig’s growth planning technology. With this new support, we look forward to ramping up operations as we take the fear out of financing for eCommerce sellers.”
8fig co-founders Assaf Dagan (CTO), Roei Yellin (CRO) and Yaron Shapira (CEO). Photo: Look Photography8fig raised $6.5 million in seed funding in May, which was also led by Battery Ventures with participation by Hetz Ventures, LocalGlobe, and the investment arm of the Jesselson Family. Co-founded in 2020 by Yaron Shapira (CEO), Assaf Dagan (CTO), and Roei Yellin (CRO), 8fig’s operations are split between Tel Aviv, where R&D teams operate, and their headquarters in the U.S. (Austin, Texas) where marketing, growth, product and customer success teams are based. Shapira and Dagan worked together at Mercury Interactive (acquired by HP for $4.5 billion). They later joined the founding teams at Capriza (raised $70 million from A16Z) and Check (acquired by Intuit for $360 million), where they deepened their experience in payments and the fintech sector. They crossed paths with Roei when Assaf and Yaron most recently co-founded Qlarium (acquired by Delta Capita), which supplied underwriting to the international supply chain. Roei was COO of Prytek’s, Qlariums biggest investor, and participated in over 30 other fintech investments in his time with Prytek.