The funding will help Fabric expand into Asia. Here are the top-line bullets you need to know.
Fabric, an e-commerce technology startup, has raised $100M in a Series B. The round drew participation from Stripes Group, B Capital Group, Greycroft, and Norwest Venture Partners among others.
HOW’S THE COMPANY PERFORMING?
- Washington-based Fabric is an API-driven headless e-commerce platform for retail buyers, planners, and marketers. The platform allows its clients to customize websites with modular applications that span customer experience to order management. Among Fabric’s customers are ABC Carpet & Home, GNC, Juicy Couture, Restoration Hardware, and BarkBox.
- The company reportedly experienced more than 800% year-on-year growth in revenue and reports a net customer retention rate of 230%.
- It currently employs 161 people, an increase of 400% from February 2021.
WHY DOES THE MARKET MATTER?
- The e-commerce market is projected to grow at a CAGR of 22.9% to reach a value of $16.2T by 2027, according to Meticulous Market Research.
- Retail tech funding is continuing its surge, hitting another quarterly record in Q2’21. Funding reached $31.5B, an increase of nearly 4% over the previous record in Q1’21. Key tech is helping retailers grapple with near-term challenges and long-term innovation needs
- Given Amazon’s stronghold over the online retail market, retailers are doubling down on unique strengths like niche assortment and distinctive convenience and consolidating through mergers, acquisitions, and partnerships.