– 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 Series A, Fabric will use the new funding to level the commerce playing field by enabling thousands more brands to compete and grow in the Amazon era
Fabric, the headless commerce platform purpose-built for growth, 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 (161 days) after the company’s Series A funding, the new round will fund Fabric’s global expansion aimed at helping thousands more mid-size and enterprise B2B and B2C brands around the world deliver exceptional e-commerce experiences as trillions of dollars in commerce shifts online. Concurrent with the funding, Stripes partner Ron Shah will join Fabric’s board of directors.
Fabric allows marketers and merchants to quickly turn creative commerce ideas into reality, without the need to fully rely on expensive engineering resources. An extensive and flexible API-driven approach enables brands to modernize their legacy e-commerce platforms in a matter of weeks versus months, saving time and money. Additionally, 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.
“Trillions of dollars in commerce will move online over the next few years. However, today’s e-commerce infrastructure is crumbling for B2C and B2B brands,” said Faisal Masud, CEO at Fabric. “SMB commerce platforms don’t serve the needs of mid-size, growing e-commerce businesses who win or lose on brand experience. Fabric is leveling the playing field for these brands with our modern, API-driven headless commerce platform and deep operating experience. We are offering technology and guidance that was previously only available to the largest e-commerce organizations.”
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Since raising its Series A in February of this year, Fabric has:
- Achieved YoY revenue growth in excess of 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 as customers
- Added to its executive team industry leaders from Amazon, Google, eBay, and Twilio, including Tyler Nemiro as VP of Enterprise Sales, Umer Sadiq as Chief Technology Officer, Krupa Shah as General Counsel and Nevin Shetty as Chief Financial Officer
- Extended its modular, integrated suite of commerce APIs including Product Information Management (PIM), Order Management, Loyalty Management and Subscriptions products, allowing customers the flexibility to transition onto Fabric, one or more components at a time
“Growing commerce brands are in desperate need of better technology to meet modern customer expectations in an almost impossibly dynamic marketplace. 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,” said Shah. “Having spent the past decade building and deploying commerce experiences at global leaders like Amazon, Google and eBay, Fabric’s leadership team brings unmatched commerce operations and technology experience to this market. 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.”
Fabric’s 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. 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.