Announcing $100M Series B to Take Modular Commerce Mainstream
Today we announced $100 million in Series B funding led by Stripes, with additional participation from B Capital Group, Greycroft, and existing investors, including Norwest Venture Partners, Redpoint Ventures, and Sierra Ventures.
Closing only five months after our $43 million Series A funding, the new round will fund our global expansion aimed at helping thousands of more mid-size and enterprise B2B/B2C brands deliver exceptional e-commerce experiences as trillions of dollars in commerce shift online.
The Highlights: Between Series A and Series B
fabric is the only modular commerce platform designed to support scaling businesses that have outgrown the limitations of e-commerce solutions tailored for entrepreneurs and small businesses. This has led to unprecedented growth across many different areas of our company.
Since raising our Series A in February of this year, we have:
- Achieved YoY revenue growth above 800%
- Attracted top talent across the business, growing employee headcount by more than 400%
- Earned a net customer retention rate of 230%
- Signed leading commerce brands like BarkBox, Bodybuilding.com, GNC, and Restoration Hardware
- Added industry leaders to our team like Tyler Nemiro, who previously managed enterprise sales in North America for Shopify Plus
- Extended our modular, integrated suite of commerce APIs to include Subscriptions and Loyalty
The Vision: Why Brands and Investors Continue to Believe
Our rapid growth tracks the broader e-commerce boom unfolding across the economy. Global e-commerce will surpass $5 trillion in 2021, up from $3.5 trillion in 2019. B2B e-commerce, meanwhile, is expected to reach $20.9 trillion by 2027, a more than 70% increase from 2019.
Meanwhile, Amazon’s market capitalization has increased to over $1.7 trillion. However, many retailers and B2B brands still struggle to meet their customers’ e-commerce expectations, constrained by legacy commerce technology.
“Growing commerce brands are in desperate need of better technology to meet modern customer expectations in an almost impossibly dynamic marketplace,” said Ron Shah, a Stripes partner. “fabric is ushering in a new era of headless commerce with a modular commerce infrastructure built to enable today’s fast-growing businesses to truly thrive.”
We believe their team, technology, and trajectory position them to become one of the next great e-commerce platforms of our time as the industry undergoes a once-in-a-generation modernization. – Ron Shah, Stripes partner
Key Takeaways
- As trillions of B2B and B2C commerce dollars go online, brands like BarkBox, GNC, and Restoration Hardware turn to fabric to scale their customer experience.
- fabric offers brands modern commerce technology and deep industry operating experience previously only available to the world’s largest companies.
- Closing just 161 days after our Series A, we will use the new funding to level the commerce playing field by enabling thousands of more brands to compete and grow in the Amazon era.
- Check out our commerce platform to learn how you can build a scalable commerce solution that lets you own the customer experience, eliminate technical debt, and grow your business.
Global strategy and field marketing @ fabric. Previously @ Suplari and Accenture.
