Israeli sales startup 8fig has raised $6.5 million in a seed round led by Battery Ventures, with participation by HetZ Ventures, LocalGlobe of London, and the investment arm of the Jesselson Family, the company announced Monday.
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8fig's core mission is to help online sellers grow to eight-figure sellers as fast as possible, without giving up an equity stake in their business. To achieve that goal, 8fig implements a variety of technologies that merge payments, analytics and forecasting technologies, allowing sellers access to tailor fitted tools to plan, manage, finance and execute their supply chains. The core base of the technology is the company's AI forecasting engine.
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 its headquarters in Austin, Texas, where marketing, growth, product and customer success teams are based.
"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," said Shapira. "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."
"When we met Yaron, Assaf and Roei, we were immediately struck by the relevance and size of the opportunity," said Shiran Shalev of Battery Ventures. "Having studied the continued shift from offline retail to e-commerce, and the unique challenges small businesses have in accessing capital and financial services, we believe 8fig is uniquely positioned to become the financial system of record and capital partner to e-commerce merchants worldwide."
