BELLEVUE, Wash., Oct. 20, 2020 /PRNewswire/ -- Fabric, a headless commerce platform purpose-built for growth, today launched its cloud-native experience and commerce product suite and announced $9.5 million in seed funding led by Redpoint Ventures, with participation from Sierra Ventures and Expa. In addition, e-commerce executive Faisal Masud, who led multi-billion-dollar commerce businesses at Amazon, eBay, Groupon and Staples, has joined the company as CEO. Alex Bard, partner and managing director at Redpoint Ventures, and Tim Guleri, managing partner at Sierra Ventures, will join Fabric's board of directors.
D2C and B2B brands are struggling to grow in the age of Amazon because their commerce platforms aren't designed for their needs. These outdated systems create an operational nightmare, requiring excessive time and money for retailers to deliver great customer experiences. Meanwhile, the largest retailers continue to invest in their own proprietary systems, widening their advantage in data, speed, pricing and convenience. COVID-19 has further raised the stakes; during the pandemic, e-commerce sales have grown as much as 55% year-over-year, and shoppers have spent an additional $107 billion online. Many brands can't keep up with this sudden surge; they're constrained by their commerce technology infrastructure, and failing to reach their potential in the $3.5 trillion global e-commerce market.
"Unlike Amazon, which wins on selection, price and availability, emerging and growing D2C and B2B companies need to win on brand and experience," said Faisal Masud, CEO at Fabric. "Legacy commerce platforms are stifling growth, making it impossible for them to scale the experiences their customers really want. We've walked in their shoes, and we're excited to help them transform their businesses with a platform designed for how they need to grow."
Fabric is enabling global commerce brands, including abc carpet & home, BuildDirect and GNC, to deliver next-generation customer experiences for a fraction of the cost and time, without having to replatform or drain valuable engineering resources. With an open, modular design that's live in weeks and an executive team of e-commerce veterans, general managers from Amazon, eBay and Staples, Fabric is proven to grow digital commerce revenue by up to 3x.
Masud brings over 20 years of experience building and operating leading commerce businesses. He joined Fabric from Wing (a Google X Moonshot that later graduated to an Alphabet company), where as chief operating officer he launched the global drone delivery program for major retailers in food and pharmacy. Prior to Wing, he was chief digital officer and later chief technology officer at Staples, responsible for building out the company's third-party vendor platform, and establishing full omnichannel capability for its more than 2,000 North American stores. He spent seven years at Amazon, where he built Amazon Warehouse, Amazon's Reverse Logistics platform, and was part of the AmazonBasics earlier founding team. Masud also held leadership roles at Groupon and eBay.
Fabric's headless commerce platform enables marketers and merchants to deliver world-class commerce experiences without the engineering burden. Its modular API-first platform enables brands to utilize tools that address their specific needs, rather than replatforming. Fabric gives brands sophisticated capabilities such as its Experience Manager (XM), Product Information Manager (PIM), Offers and Order Management System (OMS). The Fabric platform offers a suite of commerce APIs that allow brands to orchestrate their commerce across all channels, enabling them to support the entire lifecycle of each customer. In addition, Fabric runs on a completely serverless infrastructure to effectively scale during high-traffic retail peaks.
"Fabric brings something completely new and invaluable to the multi-trillion-dollar retail market," said Alex Bard, partner and managing director at Redpoint Ventures. "The fact that Fabric is a force multiplier on retailers' existing technology investments and can be live in weeks versus months gives it an incredible advantage over legacy platforms that can't keep up with the demands of consumers today. Since Faisal and the team bring deep operating experience from the world's top e-commerce companies, the platform is built for the way retailers need to grow."
Fabric is now generally available. To learn more, please visit www.fabric.inc.
Quotes from Customers
"We partnered with Fabric to transform our digital customer experience and support our ambition to rapidly grow our e-commerce business," said Aaron Rose, CEO of abc carpet & home. "Within months of implementation, our site speed increased, online engagement expanded significantly and conversion and revenue run rates increased by nearly 3x. And we are just getting started. Together, we will continue to build and innovate toward an experience that both rivals and enhances the magic of the abc store."
"With an open, modular design that will be live in weeks and an executive team of experienced e-commerce veterans from Amazon, eBay and Staples, we believe that Fabric can help us with our digital commerce revenue growth and digital native transformation," said Scott Saeger, CTO of GNC.
Fabric is the headless commerce platform purpose-built for growth. Customers like BuildDirect, abc carpet & home and Universal Lacrosse trust Fabric for its open and modular design that allows them to be live within weeks without having to replatform. Fabric is a force multiplier on retailers' existing technology investments proven to grow digital revenue by up to 3x. Headquartered in Bellevue, Washington, Fabric is backed by Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, Expa and BC Partners. To learn more, visit https://fabric.inc.
Mission North for Fabric
SOURCE Fabric Inc.