How 8fig raised $40M series B

Heyo 👋

I investigate acquisition channels of startups that raised funding in the past week.

Week #19 was all about FinTech as 8fig raised $40M series B and about $100M in debt financing.

Here are my top 2 learnings:

1. Build a strong brand to optimize ad spend
   Since 8fig is a recognizable brand within its category, they receive a lot of direct traffic and organic search for brand keywords. Therefore, their strategy doesn't need to focus on leads from webinars, which require more nurturing before they're ready to sign up. This helps them get more direct signups and drives down their cost per lead.

2. Enable leads to self-qualify
   Qualifying leads usually relies on a complicated system that is prone to over or underestimating the quality of leads.

However, 8fig found a way around this process by enabling users to self-qualify through a series of questions. Although this may create friction during the signup process and lead to fewer inquiries, it ensures that everyone who signs up is easily qualified as someone who's worth 8fig's time. It also gives leads a chance to see whether they're ready for 8fig's solution.

(here's the entire post in case you'd like to learn more about 8fig: https://bit.ly/3W1y5RM)