8fig, a provider of flexible capital and supply chain tools, announced Thursday (Nov. 18) that it has raised a combined $50 million in Series A funding.
The company noted that this follows a strong year of growth as global eCommerce booms, and said it will use the funds to accelerate growth and expand its lending capabilities.
“By reinventing the way eCommerce sellers manage their supply chain, 8fig is helping these businesses scale with confidence,” Yaron Shapira, co-founder and CEO of 8fig, said in a press release. “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.”
Rather than taking equity, 8fig delivers funding on more attractive terms, analyzing and validating each seller’s growth trajectory. In its seed round earlier this year, the company raised $6.5 million.
“Commercial loans are traditionally rigid in structure and carry a high cost of capital, a model that is not conducive to eCommerce sellers’ development,” Shapira said. “Our innovative technology combined with flexible, uncapped capital gives emerging online sellers the line of sight and confidence they need to scale quickly.”
Consumers have become accustomed to near-ubiquitous internet access to get goods and services on-demand, as well as run multiple facets of their lives, PYMNTS has reported. As a result, customer experiences powered by digital technology are extending well beyond shopping, impacting everything from work and leisure to entertainment and relationships.
Read more: 73 Million US Consumers Are Already Living in the Connected Economy
In its How Consumers Live In The Connected Economy Report, PYMNTS research surveys 15,094 U.S. consumers to examine how digital technology is transforming their lives.
The study indicates that about 73 million highly connected consumers have embraced a digitally engaged and interconnected future. What’s more, 92% of all U.S. consumers have placed online orders for goods or services.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More