E-Commerce Funding Startup 8fig Raises 9 Figure Series B ($140 Million)

8fig, a company that funds other companies has taken another leap forward in its mission to help an increasing number of e-commerce firms to achieve sustainable growth in the wake of turbulent economic conditions.

The startup has closed a significantly big financing round locking in $140 million in Series B funding completed in April. This brings 8fig’s total funding to $196.5 million.

8fig Is Building AI “C-suite” For E-commerce Companies

The e-commerce startup announced on May 9 that it has raised $140 million in its latest funding round which includes $40 million in Series B equity and $100 million in a credit facility.

We are beyond thrilled to announce our Series B funding round of $140M!

This new chapter will allow us to propel eCommerce sellers to 8+ figures in revenue so they can achieve financial freedom, the dream of entrepreneurship, or what moves them most – through our AI CFO… pic.twitter.com/cYHlbDJ6cg

— 8fig (@eightfig) May 9, 2023

The $100 million credit facility will help the Austin and Tel Aviv-based company to put in place a full AI executive suite that will include AI Chief Financial Officer (CFO) to begin with, and AI chief marketing officer (CMO), and AI chief operating officer (COO) features later this year.

8fig believes e-commerce businesses should be able to not only grow in revenue but also in headcount with expertise in their line of operation.

According to Techcrunch, Yaron Shapira, the 8fig CEO, said the firm is building a “C-suite” for e-commerce companies as they move away from “growth to profitability” strategies.

AI CFO is the first product the startup will work on and will be designed to provide cash flow planning. According to 8fig, this will help e-commerce companies with cash flow management as their business grow and become more complex.

CEO Shapira said that the current era of “economic uncertainty” sees e-commerce businesses struggling to reach their full potential. “The global macroeconomic challenges we are experiencing make it difficult for eCommerce business owners to access the resources they need to succeed”, he added.

Therefore, 8fig provides a comprehensive growth and funding solution to this widespread challenge with the executive adding:

8fig is providing these online sellers with the financial support and tools necessary to thrive in any economic climate. The latest funding round has proven that the market has great confidence in 8fig and the important role 8fig continues to play in the ongoing growth of eCommerce.

AI CFO offers a self-serve web application where companies can do their cash flow planning automatically, and then if they need it, can get business continuity planning from 8fig.

An excerpt from the announcement reads:

Our unique AI CFO technology provides fast, continuous funding as well as serious financial tools for supply chain management, financial planning, and even freight and logistics coordination. Through our tried and tested strategy that combines high level financial management and funding, we have helped countless eCommerce sellers reach their growth goals.

The funding round was led by Koch Disruptive Technologies. Other venture capitalists who participated in the financing round included existing investors Battery Ventures, Localglobe, Hetz Ventures, the Jesselson family, and Silicon Valley Bank, a division of First Citizens Bank.

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