Home industry retail in Series B, Fabric raises $110 million

In Series B, Fabric raises $110 million

Retail

CIO Bulletin
2019-10-24

Formerly known as CommonSense Robotics, the NYC-based logistics company Fabric has raised $110 million in Series B round. The investment round was led by Corner Ventures with participation from Aleph, Innovation Endeavors, La Maison, Temasek, Canada Pension Plan Investment Board (CPPIB), and Playground Ventures.

Corner Ventures partner John Cadeddu in a statement said, “Fabric is the micro-fulfillment market leader with a production-proven platform that drives tremendous value for its retail partners and consumers alike. We are delighted to be partnering with the Fabric team in their incredible vision to reinvent how goods are fulfilled and delivered in this on-demand world, ultimately empowering retailers to provide faster deliveries at lower costs and at scale.”

The funds raised by the company will go towards its expansion in the U.S. Fabric will now be able to grow its commercial, operations, and technical support teams in Tel Aviv and expand its partnerships with leading retail brands in the U.S.

Fabric was founded in 2015 by Elram Goren, and co-founder Steve Hornyak. Today, the company is a leading logistics solutions provider for retailers for on-demand fulfillment.