8fig is a new Israeli startup which offers a platform for companies to grow their online sales. 8fig has completed a $ 6.5 million financing round led by Battery Ventures with participation by Hetz Ventures, LocalGlobe and the investment arm of the Jesselson Family. The name of the company refers to “8 figures,” as in more than $10 million as 8Fig hopes to turn small businesses into 8 figure businesses.
Founded in 2020 by CEO Yaron Shapira, CTO Assaf Dagan and CRO Roei Yellin., 8fig’s team consists of veteran e-Comm, finance, and supply chain experts in Los Angeles, California, Austin, Texas and Tel Aviv, Israel. The company says that they are committed to our mission of getting 10,000 sellers to 8-figure revenue by 2025.
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The company offers what it calls led an 8fig Growth Plan. The company asserts that their software gives clients access to powerful planning tools and provides them with timely cash injections according to the schedule which a user dictates. “This means more inventory for your store and more money in your bank account. And you only pay us back once your bottom line is growing too,” says 8fig.
The 8fig Growth Plan uses a supply chain planning tool the company calls Lines Lab. For each product a business wants to sell, they create “Lines” based on their sales objectives. “We’ll review your Lines and put up as much as 95% of the capital you need, setting up timely cash infusions for every step in your supply chain: deposits, balances, logistics, marketing, and more,” promises 8Fig.
CEO Yaron Shapira said, “We found a huge opportunity to truly disrupt how business is being done in the e-commerce space, with cutting-edge technology – and we are grateful to have top tier investors joining us. The recognition from our investors, combined with the strong traction we are seeing from the market, increases our confidence in the future growth of our company.”
