Tech Ecommerce Startup Fabric Raises $100 Million in Latest Funding Round

Fabric, a tech startup that specializes in the development of e-commerce platforms has raised $100 million in the latest funding round. The arrival of the pandemic has drawn considerable attention toward Fabric’s digital capabilities. 

SEE ALSO: Francisco Partners and TPG Strike Deal to Buy Dell’s Cloud Business for $ 4 Billion

Details about the Latest Funding

The company managed to notch a $100 million investment a few months after it raised $43 million Series A round. 

The latest round saw a mix of new and old investors and was led by Stripes, a private equity firm based in New York. It included some new investors which include Greycroft and B Capital Group. 

At present, the Seattle-based tech startup is valued at around $850 million according to a source close to the matter. 

With this development, Fabric is rapidly moving toward becoming a unicorn and joining the elite list of some privately held tech companies around Seattle.

Some of the noteworthy companies around the Seattle region include Rec Room, Amperity, Zenoti, Highspot, and Outreach.  

The company will use the latest funding to get onboard marketing leadership and grow its team of engineers. Besides, Fabric is also looking to expand its partnerships and support potential acquisitions as it continues to penetrate into the Asian market. 

What does Fabric do?

The company enables its customers to personalize their websites with digital storefronts. The platform also offers a back-end technology that empowers users to carry out online transactions without any difficulties. 

According to the CEO, Faisal Masud, the COVID-19 pandemic has accelerated the demand for e-commerce and reinforced the need to implement a powerful digital technology to improve their website. However, a lot of companies do not have the resources or expertise to achieve their goals. 

He also said that Fabric offers guidance and technology that was available only to the most established e-commerce companies. 

Many have described Fabric’s e-commerce platform as “modular commerce”. For instance, companies such as Restoration Hardware can utilize Fabric either for their complete stack or just pick from the company’s range of commerce APIs to solve different problems of a system. 

Ecommerce Demand in the U.S.

Fabric’s success coincides with the massive boom in online shopping across the U.S. triggered by the coronavirus pandemic. 

The digital movement triggered by the pandemic is likely to continue even when the effects of the pandemic subside. 

Fabric believes that its platform will empower its customers in the post-pandemic world and allow them to have a robust digital framework in place. 

According to DigitalCommerce360, U.S. e-commerce sales surged by around 39% in the first quarter of 2021 [1].

SEE ALSO: Hewlett Packard Enterprise (HPE) Acquires Ampool to Strengthen It’s Ezmeral Platform

Image Source: rawpixel.com

Source:

[1] Young. J (2021) “US e-commerce sales climb 39% in Q1 2021” [online] Available from: https://www.digitalcommerce360.com/article/quarterly-online-sales/ [accessed July 2021]

 

 

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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