Total amount raised
$293.5 Millions
Latest funding date
2/1/2022
Location
Fabric has successfully raised significant capital through multiple funding rounds, with notable investors such as Princeville Capital and CPP Investments. The company focuses on providing automated fulfillment solutions tailored to various industries, including grocery, health & beauty, and quick commerce.
Keep reading to explore the intricacies of Fabric's fundraising journey and the investors backing this innovative platform.
What Is Fabric?
Fabric, founded in 2015, is headquartered in New York, New York. The company specializes in automated fulfillment solutions, leveraging advanced software, robotics, and automation to enhance operational efficiency and customer experience.
Founded by Elram Goren, Eyal Goren, Ori Avraham, Shay Cohen, and Tom Bassett, Fabric aims to empower retailers with a network of micro-fulfillment centers that serve as local inventory hubs. This enables same-day delivery at profitable unit economics.
With a team of 251-500 employees, Fabric continues to innovate in the fields of grocery, health & beauty, and quick commerce, providing tailored solutions to meet diverse industry needs.
How Much Funding Has Fabric Raised?
- Seed Round (June 23, 2019)
- Amount Raised: Not publicly disclosed
- Date: June 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their micro-fulfillment technology.
- Seed Round (October 20, 2020)
- Amount Raised: $10.5M
- Date: October 2020
- Lead Investors: Redpoint
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their initial operations and refine their technology.
- Series A (February 9, 2021)
- Amount Raised: $43M
- Date: February 2021
- Lead Investors: Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale their operations and enhance their technology stack.
- Series B (July 20, 2021)
- Amount Raised: $100M
- Date: July 2021
- Lead Investors: Stripes
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their market reach and improve their fulfillment solutions.
- Series C (February 24, 2022)
- Amount Raised: $140M
- Date: February 2022
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To deepen their involvement in the grocery sector and expand their technology to other e-commerce retailers.
Total Amount Raised: $293.5M. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a major investment fund known for its significant investments in technology companies. It is part of the SoftBank Group, a Japanese multinational conglomerate.
- Investment Focus Areas: Technology, AI, robotics, and other innovative sectors.
- Notable Investments: Uber, WeWork, Arm Holdings.
- Stripes
- Details: Stripes is a growth equity firm that invests in software and consumer businesses. The firm focuses on partnering with market-leading companies.
- Investment Focus Areas: Software, consumer products, technology-enabled services.
- Notable Investments: Monday.com, Snyk, Reformation.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. It has a diverse portfolio across various sectors.
- Investment Focus Areas: Technology, healthcare, business services.
- Notable Investments: Uber, Spotify, Casper.
- Redpoint
- Details: Redpoint is a venture capital firm that invests in seed, early, and growth-stage companies. The firm has a strong focus on technology and innovation.
- Investment Focus Areas: Technology, consumer internet, enterprise software.
- Notable Investments: Netflix, Stripe, Twilio.
- Temasek
- Details: Temasek is a global investment company headquartered in Singapore. It manages a diversified portfolio across various sectors.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials, consumer & real estate, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, Airbnb, Gojek.
What's Next for Fabric?
Fabric stands at the cusp of a significant opportunity, with the potential to revolutionize the grocery and e-commerce sectors. The company plans to expand its automated fulfillment solutions across the U.S. and Israel, tapping into a market where online grocery sales alone are expected to exceed $100 billion. This expansion could disrupt other retail categories, offering rapid delivery services that meet growing consumer demands.
Given the high demand for their technology, future fundraising seems likely. The recent $200 million investment, which brought their valuation to over $1 billion, sets the stage for additional rounds to support further growth and innovation. However, challenges such as scaling operations efficiently and facing competition from other fulfillment technology companies remain. Adapting their technology to various retail categories will also be crucial for sustained success.
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