Fabric raises $110m to streamline online retail deliveries

Fabric  / Photo: PR
Fabric / Photo: PR

The Israeli company's logistics platform will allow swifter, cheaper and larger consignments.

Israeli retail logistics platform startup Fabric (formerly CommonSense Robotics) has raised $110 million in a Series B financing round led by Corner Ventures, with participation from Aleph, Canada Pension Plan Investment Board (CPPIB), Innovation Endeavors, La Maison, Playground Ventures and Temasek. The New York and Tel Aviv-based company has developed robots and software that enable retailers to streamline delivery operations and provide customers with consignments in the shortest possible time.

The company was founded in 2015 by the brothers Elram and Eyal Goren, Ori Avraham and Shay Cohen, and has now raised $136 million since its establishment. The company declined to comment on the valuation of this latest financing round or details about revenue and growth. Fabric has 150 employees, most of them in Israel, and will use the new funds for US growth. The company's headquarters has now relocated to New York and a network of supply centers, and techincal support will be built throughout the US.

CEO Elram Goren said, "Our system changes the face of retail. We are rebuilding technological infrastructures in cities that will meet the needs for orders, according to demand and enable swifter, cheaper and larger consignments."

Published by Globes Israel business news - en.globes.co.il - on October 23, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Fabric  / Photo: PR
Fabric / Photo: PR
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