Israeli retail logistics co Fabric raises $200m

Fabric  / Photo: PR

The company, which enables retailers to fulfill online orders, is the latest Israeli startup to become a unicorn.

Israeli retail logistics platform Fabric today announced that it has completed a $200 million Series C financing round at a company valuation of more than $1 billion. The round was led by existing investor Temasek, with participation from Koch Disruptive Technologies, Union Tech Ventures, Harel Insurance & Finance, Pontifax Global Food and Agriculture Technology Fund (Pontifax AgTech), Canada Pension Plan Investment Board (CPP Investments), KSH Capital, Princeville Capital, Wharton Equity Ventures, and others. This brings to $336 million the total amount raised by Fabric to date.

The company, which was founded in 2015 by the brothers CEO Elram and Eyal Goren, Ori Avraham and Shay Cohen, has established itself as a market leader in the on-demand fulfillment space. Fabric has leveraged its proprietary robotic micro-fulfillment technology stack designed from the ground up to make on-demand fulfillment profitable and scalable for all retailers and enable them to deliver online orders.

Elram Goren said, "At the center of this perfect storm of e-commerce is Fabric and our ability to enable on-demand retail at profitable unit economics."

Fabric runs micro-fulfillment operations for grocery and general merchandise retailers in New York City, Washington, DC, and Tel Aviv. Just recently, Fabric announced major partnerships with Walmart, Instacart, and FreshDirect.

Fabric will use these latest funds to expand its on-demand fulfillment platform across the general merchandise market and build a network of micro-fulfillment centers across major metro areas in the US to make fast delivery scalable and profitable for retailers. Fabric will support this stage of rapid growth by also heavily recruiting for its technology, commercial, and operations teams in Israel and across the US. Fabric has 300 employees with offices in New York City, Tel Aviv, and Atlanta.

Published by Globes, Israel business news - en.globes.co.il - on October 26, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Fabric  / Photo: PR
Fabric / Photo: PR
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