On-demand fulfillment platform Fabric on Tuesday (Oct. 26) closed a $200 million Series C fundraising round, giving the company a valuation of $1 billion, bringing its outside investment total to $336 million.
The company will use the money to expand its offerings with proprietary robotic micro-fulfillment centers for groceries and general merchandise in New York City, Tel Aviv and Washington, D.C., and hiring more employees for its technology, commercial and operations teams in Israel and the U.S. to add to the 300 workers in New York City, Tel Aviv and Atlanta.
Existing investor Temasek led the latest Fabric fundraising round, while 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 also participated in the effort.
“At the center of this perfect storm of eCommerce is Fabric and our ability to enable on-demand retail at profitable unit economics,” said Elram Goren, Fabric CEO and co-founder, in the company announcement.
“While we use the term ‘robocorn’ a bit tongue in cheek, we see this milestone as a real turning point in the industry, from what was once trepid exploration of micro-fulfillment to total market validation and now rapid expansion,” he said. “We’re extremely excited about the road ahead as we expand our offering into new markets, drive more efficiencies across the supply chain, and focus on scaling.”
Fabric recently announced partnerships with Walmart, Instacart and FreshDirect.
Related: Instacart Partners With Fabric For Fulfillment Automation
In July, Fabric signed a multi-year deal with online grocery platform Instacart to spearhead the company’s plans for fulfillment automation across the U.S. and Canada by integrating new software and robotics solutions to “create new eCommerce services for retail partners and an even faster, more effortless online grocery shopping experience for customers.”
Combining Fabric’s software and robotics with Instacart’s technology and shoppers in dedicated warehouses and existing retail locations will lead to faster fulfillment of customer orders when the pilot launches over the coming year, with completed orders sent to staging areas for curbside pickup.
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