Fabric, a headless eCommerce platform, has raised $100 million in Series B funding led by Stripes, with additional participation from B Capital Group, Greycroft along with existing investors, including Norwest Venture Partners, Redpoint Ventures and Sierra Ventures, according to a news release emailed to PYMNTS.
The new round will fund Fabric’s global expansion, as the firm looks to help thousands more mid-size and enterprise B2B and B2C companies across the globe with eCommerce. In conjunction with the funding, Stripes Partner Ron Shah will join Fabric’s board of directors.
Fabric says it allows merchants to develop their creative commerce ideas quickly without having to rely on costly engineering. The platform uses a flexible, API-driven approach that lets brands modernize their eCommerce platforms in a matter of weeks rather than months, the company says. Fabric said it is the only modular commerce platform designed to help scale businesses that have outgrown eCommerce solutions made for entrepreneurs and small businesses.
The company says it is going up against Shopify to compete in the multi-trillion-dollar eCommerce market.
Masud helped create Amazon Basics, served as chief technology officer for Staples and is former COO of Wing, Alphabet’s drone delivery subsidiary. Under Masud’s leadership, the company is building a commerce platform to help brands such as Restoration Hardware, GNC and Barkbox scale their online experiences.
Fabric’s most recent funding drive comes 161 days after completion of the Series A round. In all, the company has raised $153 million and grew revenues 800 percent year over year, according to the news release.
Global eCommerce is expected to surpass $5 trillion this year and B2B eCommerce is expected to reach $20.9 trillion by 2027, according to reports cited in the release.