- fabric recently announced it raised $140 million in Series C funding. These are the details.
fabric – a leader in headless commerce – recently announced the closing of a Series C funding round of $140 million led by Softbank, with participation from Forerunner Ventures, Glynn Capital and existing investors Redpoint Ventures, Norwest Ventures and Stripes. And 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.
The funds from the Series C round will be utilized for accelerating product development largely through automation and intelligence, and geographic expansion. And 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. And fabric’s suite of hundreds of 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.
Along with 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.
KEY QUOTES:
“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. 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.”
— Faisal Masud, CEO of fabric
“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. 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.”
— Robert Kaplan, Investment Director at SoftBank Investment Advisers
“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. 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.”
— Pete Gerstberger, Chief Digital & Strategy Officer for The Honest Company
“TriMark has partnered with fabric to modernize and accelerate their B2B commerce experience. We are pleased with the progress to date and look forward to fabric’s APIs improving our customer experience”
— Tom Weinclaw, Chief Growth Officer of TriMark USA, a fabric customer
