8fig, an equity-free funding and supply chain management tool provider for e-commerce sellers, has scored $50m in its Series A funding round.
The round was backed by Battery Ventures, LocalGlobe, and Nested and GoCardless co-founder Matt Robinson. This capital will help the company to grow its lending capabilities to reach more e-commerce businesses.
As part of the deal, Silicon Valley Bank will supply 8fig with a credit facility to support the growth.
8fig has recorded stellar growth in the past 12 months, with a 200% growth rate in the past six months, it claims.
The FinTech company was created by a group of supply chain experts and engineers to build a new style of funding. End-users can leverage the platform to manage their supply chains, optimise cash flows and receive continuous capital infusions tailored to their specific growth plans.
8fig analyses and validates each seller’s growth trajectory to offer accurate and adaptable funding on attractive terms, it claims. Its model boasts flexibility to adjust growth capital and remittance schedules to real-time events as needed, including delayed shipments and fluctuations in demand.
8fig co-founder and CRO Roei Yellin said, “The events of the last 18 months have precipitated a surge in emerging, next-generation eCommerce sellers.
“Commercial loans are traditionally rigid in structure and carry a high cost of capital, a model that is not conducive to eCommerce sellers’ development. Our innovative technology combined with flexible, uncapped capital gives emerging online sellers the line of sight and confidence they need to scale quickly.”
The FinTech company previously raised $6.5m in seed funding earlier this year. The round was led by Battery Ventures, with support also coming from Hetz Ventures, LocalGlobe and the investment arm of the Jesselson Family.
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