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.
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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.