With Cryptyde’s acquisition of Forever 8 Fund, LLC now complete, the company intends to aggressively pursue the $5 trillion dollar e-commerce market, approximately $600 billion2 of which represents Amazon Global and its third-party sellers, Forever 8’s primary sales channel.
Forever 8’s distinct business model provides an inventory purchasing solution for e-commerce sellers to effectively operate their business without the need to dedicate time and resources towards financing. Forever 8 creates a favorable environment for the seller to scale their business while mitigating the risk that a traditional factoring, merchant cash advance and a revenue-based financing program faces when engaging a potential client. Through utilization of a proprietary due diligence tool that assesses product category, sales history and margin, Forever 8 can generate seller specific pricing for each product SKU. Upon approval and on-boarding, Forever 8 purchases the existing inventory from the client, instantly freeing up capital for the client to focus on growth initiatives such as sales, marketing and product line expansion. Forever 8 then procures all future inventory directly from the supplier to elicit and help its client’s growth, thus delivering a long-term inventory capital solution for the client.
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Founded by a group of industry veterans within the financial sector and technology space, Forever 8’s global team has grown revenue while maintaining a 96% customer retention rate since launch. Cryptyde has hired key employees from Forever 8 to assist senior management in the continued growth of the combined company.
Several key milestones have been reached by Forever 8:
- Over 1000 unique SKUs financed
- An excess of $32 million of funded sales
- Provided capital to over 30 brands
- Supported products across multiple categories, including, but not limited to, electronics, home goods and apparel
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Brian McFadden, CEO of Cryptyde, said, “Forever 8 has proven to be a disruptor in traditional e-commerce financing by identifying and solving supply chain inefficiencies through innovative technology. By supporting Forever 8 with financial backing and product development led by our combined team of experts, we believe our offering will have a meaningful impact on the millions of potential clients unable to further grow their business due to capital constraints. Equally important, this model offers our clients a scalable end-to-end solution while lessening the capital risk normally seen with options offered by many of our competitors who leverage traditional credit-based financing.”
Additionally, Cryptyde, Inc. announced financial results for the three and six months ended September 30, 2022. The financial statements are available in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022, filed with the Securities and Exchange Commission on November 14, 2022.
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