Fabric, an Israeli retail logistics platform, has raised a $200 million Series C fundraising round, valuing the company at more than $1 billion.
The round, which was led by Temasek. This round brought the total amount raised by the company to $336 million.
Other investors participated in the round 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.
Founded in 2015 by Elram and Eyal Goren, Ori Avraham, and Shay Cohen, Fabric has risen to the top of the on-demand fulfillment market.
The company has used its own robotic micro-fulfillment technology stack, which was built from the ground up to make on-demand fulfillment lucrative and scalable for all merchants while also allowing them to deliver online orders.
“Fabric and our ability to offer on-demand retail at profitable unit economics are at the center of this perfect storm of e-commerce,” CEO Elram Goren said.
Fabric, which announced just recently collaborations with Walmart, Instacart, and FreshDirect, operates micro-fulfillment centers in New York City, Washington, DC, and Tel Aviv for supermarket and general store retailers.
Fabric plans to utilize the new funding to expand its on-demand fulfillment technology into the general merchandise market and to establish a network of micro-fulfillment facilities across key US metro regions, allowing retailers to scale and profit from speedy delivery.
Fabric employs 300 people across three locations: New York City, Tel Aviv, and Atlanta.