US-based e-commerce fulfilment technology developer Fabric completed a $200m series C round featuring chemicals and energy conglomerate Koch Industries and insurance provider Harel Insurance and Finance yesterday valuing it above $1bn.
The round was led by Temasek and also backed by Union Tech Ventures, Canada Pension Plan Investment Board, Wharton Equity Ventures, Pontifax Global Food and Agriculture Technology Fund, KSH Capital and Princeville Capital.
Koch Industries invested in the round through its corporate venturing arm, Koch Disruptive Technologies. It took Fabric’s overall funding to date to $336m, the company said.
Founded in 2015, Fabric provides robotic micro-fulfilment technology that makes on-demand fulfilment more profitable and scalable for retailers.
The company’s modular approach gives retailers the flexibility to build fulfilment centres that fit their requirements, choosing between a platform model which can be run and operated independently on site, and a service model in which fulfilment is offered as a service.
Fabric runs micro-fulfilment operations for grocery and general merchandise retailers in the cities of New York, Washington, DC and Tel Aviv, and has recently signed partnerships with Walmart, Instacart and FreshDirect.
The company plans to use the capital to expand its platform across the general merchandise market and build a network of micro-fulfilment centres across the US. The proceeds will also be used to recruit new staff for technology, commercial and operations teams based in Israel and the US.
Evolv Ventures, the strategic investment vehicle formed by packaged food producer Heinz, provided the company with an undisclosed amount of funding in February 2020.
Fabric had previously raised $110m in a late 2019 series B round led by Corner Ventures that also featured Canada Pension Plan Investment Board, La Maison, Temasek and existing backers Innovation Endeavors, Playground Ventures and Aleph.
