BELLEVUE, Wash., Feb. 9, 2021 /PRNewswire/ -- Fabric, a headless commerce platform purpose-built for growth, today announced a $43 million Series A funding round led by Norwest Venture Partners, with additional participation from Redpoint Ventures and Sierra Ventures. The investment, just months after announcing the company's $9.5 million in seed funding, will be used to accelerate product development of its headless commerce platform, expand the Fabric team and meet the growing demand for its commerce technology. Scott Beechuk, partner at Norwest Venture Partners, will join the board of directors.
E-commerce is booming. Global e-commerce continues to steadily rise to a $3.9 trillion market, with online sales now expected to make up 19.2% of all U.S. retail spending by 2024. B2B e-commerce is expected to reach $1.8 trillion by 2023, nearly doubling since 2018, and Amazon's market capitalization has increased to over $1.5 trillion. However, amidst this record growth, many retailers and B2B brands are stifled by their legacy commerce platforms, struggling to keep up and failing to meet buyers' expectations.
"Successful retail companies win today by differentiating their brand and delivering modern customer experiences," said Faisal Masud, CEO at Fabric. "However, they are faced with inferior options: either compromise on commerce platforms that weren't built for their needs, or sell via Amazon and lose control of their brand and data. Fabric was built for growing D2C and B2B brands, and is run by industry veterans. We know what it takes to scale and want to end replatforming in e-commerce."
Fabric's platform is an API-driven, modular system, built for how growing D2C and B2B brands, including abc carpet & home, GNC and Juicy Couture, need to scale. With Fabric, marketers and merchants can execute on creative decisions, without pulling in extensive engineering resources. Companies can utilize either the entire, extensive Fabric suite or incorporate specific tools into their existing system, including an Experience Manager (XM), Product Information Manager (PIM) and Order Management System (OMS). Unlike the traditional laborious processes required to modernize a brand's e-commerce platform, Fabric takes only weeks to onboard, saving time and money.
"E-commerce reached new heights in the past year and it's not slowing down, but too many D2C and B2B brands don't have the right technology to capture the opportunity," said Scott Beechuk, partner at Norwest Venture Partners. "With Fabric's headless commerce platform, retailers can effortlessly extend the immersive in-store shopping experience to the digital world."
Following the successful launch of its cloud-native experience and commerce product suite in October 2020, with this latest round, Fabric is focused on expanding its product offerings, accelerating retailer onboarding and workflow, continuing to meet the ever-changing needs of retailers and eliminating the need for replatforming. The round will also go toward recruiting top talent.
Quotes from Customers "We now depend on our e-commerce offerings more than ever before, and Fabric ensures that we can meet our customers' needs and that our brand stands out online. Fabric's sophisticated customization provides our team with the tools to execute immediately to make our customers happy and to continue growing our business," said Spencer Jones, senior director of sales and marketing at Vivo Tech. "We're done with replatforming, and Fabric enables us to deliver a world class e-commerce experience without any headaches."
"As a company in hypergrowth, Fabric is the headless commerce platform we need, enabling us to create unique and dynamic content across all of our marketing channels," said Will Nitze, CEO and founder at IQBAR. "Fabric instantly solved the frustrations we experienced with our previous commerce platform. Now, we're positioned to scale rapidly, creating a personalized online experience for every customer that drives awareness of our IQBAR brand."
About Fabric Fabric is the headless commerce platform purpose-built for growth. Customers like BuildDirect, Juicy Couture, 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 Norwest Venture Partners, Redpoint Ventures, Sierra Ventures, Innovation Global Capital, Ascend Venture Capital, Expa and BC Partners. To learn more, visit https://fabric.inc.