SEATTLE, Wash, Feb. 24, 2022– fabric, a leader in headless commerce, today announced the closing of a Series C funding round of $140M led by Softbank Vision Fund 2, with participation from Forerunner Ventures, Glynn Capital and existing investors Redpoint Ventures, Norwest Ventures and Stripes. This latest round of funding closes a mere 219 days after Series B and values fabric at approximately $1.5B. Concurrent with the funding, Robert Kaplan from Softbank will join fabric’s Board of Directors. In 2021, fabric achieved 4.5x YoY revenue growth.
“We truly appreciate the vote of confidence that Softbank and our other world-class investors have in our vision, our execution and our experienced team,” said Faisal Masud, CEO of fabric. “This round will allow us to increase the velocity of our innovation and product development while we continue to create technology that, unlike our competitors, bends to the needs of our customers, not the other way around. fabric truly is the future of digital commerce and our new customers Chico’s, McDonald’s, TriMark, L’azurde and most recently The Honest Company, are embracing it.”
Funds from the Series C round will be utilized for accelerating product development largely through automation and intelligence, and geographic expansion. Trillions of dollars are moving online and any company selling digitally is preparing for a post-Covid world where customer expectations have drastically changed. The “experience” is everything and those brands and retailers providing a modern, optimized, omnichannel experience will experience significant growth. fabric's suite of 300+ powerful commerce APIs and robust api orchestration framework provides full flexibility to support unique business models, experiences, and managed service offerings for all channels and industry verticals. Additionally, fabric Marketplace empowers seamless connections for brands so they can instantly offer their customers the products they love.
“Retailers need to meet modern consumers wherever they are – whether online, offline, mobile, social, or any future entry point. This means merchants of all sizes, and especially mid-market and enterprise, need the right commerce platform to keep pace with evolving trends,” said Robert Kaplan, Investment Director at SoftBank Investment Advisers. “We believe that fabric has built the industry’s best API-first modular commerce platform and accompanying commerce applications to give merchants unrivaled power and flexibility, all in a manner that reduces the pain of migrating over from legacy, outdated commerce platforms."
In addition to the funding announcement, fabric has also just signed The Honest Company, a mission-driven, digitally native brand focused on leading the clean lifestyle movement to its roster of customers.
"Digital has been a key to the Honest foundation from our very beginning. As we continue to invest in delivering on our vision of providing our consumers and partners with an innovative digital experience, fabric stood out as the clear choice to support us in doing so,” said Pete Gerstberger, Chief Digital & Strategy Officer for The Honest Company. "We are confident that the strength and ability of fabric’s product offerings will help us deliver leading-edge digital experiences for Honest consumers to help us engage them at all stages of their lives, no matter where they are."
B2B companies are also leveraging fabric technology to expand their digital commerce presence and provide their customers exceptional omnichannel experiences.
“TriMark has partnered with fabric to modernize and accelerate their B2B commerce experience,” said Tom Weinclaw, Chief Growth Officer of TriMark USA, a fabric customer. “We are pleased with the progress to date and look forward to fabric’s APIs improving our customer experience”
As of February 24, 2022, fabric received an overall rating of 4.6 out of 5 on Gartner Peer Insights™ in the Digital Commerce Space. A few of the 28 customers who reviewed us said:
- "Excellent leadership team that were equally hands on alongside the service integrator. I like the fact the management team have all been in operational roles such as Ex CDOs, ex Amazon & Google folk. They understand what's needed practically & innovation-wise and they have built the tool with that at the core. Each member is very hands on too and constantly checking in." Link to full review
- "fabric is the future in the digital commerce space. Modularity (you call it 'composability') means I can acquire wholly-autonomous functions i.e. loyalty management, store front, etc. in order to supplant/augment my current platform. Furthermore, modularity also allows fabric to rapidly continuously innovate across its product portfolio via acquisition of other best-of-breed solutions (think Salesforce and it's Marketing Cloud product conglomerate e.g. Exact Target, Dataorama, etc.). " Link to full review
- "We've had a fantastic experience with the Fabric team. World class product and people" Link to full review
Since raising its Series B in July 2021, fabric has:
- Achieved 4.5x YoY revenue growth in 2021
- Made significant senior hires:
- Val Rupp - Chief People Officer, fmr Amazon, Microsoft, Hewlett Packard Enterprise
- Karen Brewer - Chief Marketing Officer, fmr Cisco, Autodesk, Adobe
- Stacy Saal - Chief Operating Officer, fmr Amazon, Williams Sonoma
- Prakash Muppirala -EVP of Platform Solutions and Customer Success, fmr Restoration Hardware
- Chandra Shekar Neti - Head of APAC and Vice President of Software Engineering, APAC, fmr Amazon
- Craig Berman - SVP Corporate Marketing, fmr Amazon
- Launched fabric Commerce Platform for B2B which enables online sales transactions for your manufacturing, distribution, or wholesale business with a complete, scalable e-commerce platform.
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fabric is a key component of the modern commerce stack. By democratizing access to best-in-class digital commerce tooling, fabric allows merchants who aren’t served well by Shopify, Oracle, or Salesforce (and other hosted platforms) to thrive in an e-commerce world. Customers like BuildDirect, GNC, and MSC trust fabric for its open and modular design that allows them to be live within just a few months without having to replatform. fabric is a force multiplier on retailers' existing technology investments proven to grow digital revenue by up to 3x. Headquartered in the Cloud Capital Seattle, Washington, with offices and customers around the world, fabric is backed by SoftBank, Glynn Capital, Forerunner Ventures, Stripes, B Capital Group, Greycroft, Norwest Venture Partners, Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, and Expa. To learn more, visit https://fabric.inc.