Headless commerce platform Fabric on Tuesday announced the closing of a $100 million Series B funding round led by Stripes, with additional participation from B Capital Group, Greycroft, and existing investors including Norwest Venture Partners, Redpoint Ventures, and Sierra Ventures.
"Trillions of dollars in commerce will move online over the next few years. However, today's e-commerce infrastructure is crumbling for B2C and B2B brands," said Faisal Masud, CEO at Fabric. "SMB commerce platforms don't serve the needs of midsize, growing e-commerce businesses who win or lose on-brand experience."
Fabric offers an API-driven headless commerce platform and deep operating experience, Masud said, that allows marketers and merchants to quickly modernize their e-commerce platforms in weeks. It also allows for scaling so as the business grows, its e-commerce platform can grow with it.
Headless commerce platforms separate the front-end design from the back-end infrastructure. Fabric's solutions include an experience manager, product information manager, and order management system that can be onboarded within weeks, the company said. Users can use the entire suite or any individual system.
Fabric counts ABC Carpet & Home, GNC, Juicy Couture, Restoration Hardware, and BarkBox among its clients.
The new funding comes just less than six months since Fabric announced a $43 million Series A funding round led by Norwest Venture Partners with participation from Redpoint Ventures and Sierra Ventures. The new funds will be used to expand its platform globally in an e-commerce market that could surpass $5 trillion in 2021, according to eMarketer, and with B2B e-commerce expected to reach $20.9 trillion by 2027, DHL said.
Stripes partner Ron Shah will join Fabric's board of directors.
"Growing commerce brands are in desperate need of better technology to meet modern customer expectations in an almost impossibly dynamic marketplace. Fabric is ushering in a new era of headless commerce with a modular commerce infrastructure built to enable today's fast-growing businesses to truly thrive," said Shah. "Having spent the past decade building and deploying commerce experiences at global leaders like Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOGL), and eBay (NASDAQ: EBAY), Fabric's leadership team brings unmatched commerce operations and technology experience to this market. We believe their team, technology, and trajectory position them to become one of the next great e-commerce platforms of our time as the industry undergoes a once-in-a-generation modernization."
Total funding has now surpassed $153.5 million.
Since its last funding round, Fabric has added a who's who of top commerce executives to its management team, including Tyler Nemiro as vice president of enterprise sales, Umer Sadiq as chief technology officer, Krupa Shah as general counsel and Nevin Shetty as CFO.
Masud helped create AmazonBasics and is the former chief technology officer of Staples and COO of Wing, Alphabet's drone business. Ryan Bartley is co-founder of Fabric and an e-commerce executive who spearheaded Staples' digital transformation. Luke Shardlow is chief product officer and former executive at Staples and eBay. Nemiro most recently worked at Shopify and Sadiq was co-founder and CTO of Veeve, a smart shopping cart startup. Before that he spent 12 years at Amazon in software development, product and research, leading and scaling programs in e-commerce, supply chain and reverse logistics, as well as launching and scaling Amazon Prime Now.
Since its Series A announcement in February, Fabric has reported 800% year-over-year revenue growth and said its net customer retention rate has increased 230%. Employee count has grown more than 400%.
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