8fig, an Israeli startup helping eCommerce sellers accelerate growth, announced the closing of its $6.5 million Seed round. The investment was led by Battery Ventures, with participation from Hetz Ventures, LocalGlobe, and the investment arm of the Jesselson Family.
The Israeli company looks to disrupt the way online sellers scale their businesses. By implementing AI algorithms to merge payments and provide analytics and forecasting technologies, online sellers using the 8fig platform have access to tailored tools to help plan, manage, finance, and execute their supply chains.
“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 CEO Yaron 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.”
According to the company, data reported from Amazon showed that 54% of Amazon’s revenue comes from third-party sellers and over a million new sellers are expected to join this year. The report also mentioned that the U.S. houses nearly half of the Amazon sellers, with China and the U.K. far behind. One of the reasons behind the company’s Austin, Texas, headquarters. However, like most Israeli companies the R&D and tech divisions are kept in Israel.
8fig was founded last year in 2020 by Yaron Shapira, CTO Assaf Dagan, and CRO Roie Yellin. Shapira and Dagan first met working at Mercury Interactive, which was later acquired by HP for $4.5 billion. The duo then deepened their grasp of the FinTech sphere joining Capriza and Check, the latter was acquired by Intuit for $360 million. They crossed paths with Roei when Assaf and Yaron most recently co-founded Qlarium (acquired by Delta Capita), which supplied underwriting to the international supply chain. Roei was COO of Prytek’s, Qlariums biggest investor, and participated in 30+ other fintech investments in his time with Prytek.
“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.”