Seattle-based commerce software company Fabric announced a $100 million Series B on July 20, 2021, led by Stripes. B Capital Group and Greycroft joined the round, along with existing investors Norwest Venture Partners, Redpoint Ventures, and Sierra Ventures. Fabric said it would use the funding to support global expansion of its headless commerce platform. The round was its latest announced financing at the time, not its latest after a subsequent 2022 Series C.
Who led Fabric’s $100 million funding round?
Stripes led the Series B. B Capital Group and Greycroft also joined, and existing investors Norwest Venture Partners, Redpoint Ventures, and Sierra Ventures participated. Fabric announced the financing on July 20, 2021. Fabric’s announcement names the investors and describes the round.
What did Fabric sell, and what was the funding for?
Fabric described its product as a headless, API-driven commerce platform for mid-market and enterprise businesses selling to other businesses (B2B), consumers (B2C), or both. In a headless setup, commerce functions are separated from the customer-facing website or application, allowing a business to connect and select software components through APIs. Fabric said its modular platform could help brands modernize legacy systems and choose components to suit their needs; those are company claims, not independent findings about product performance.
The company said it planned to use the Series B proceeds to support global expansion. This was business financing for enterprise commerce software, not a consumer product launch.
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How did the round fit into Fabric’s financing history?
| Announcement | Amount and round | Lead investor | What was reported |
|---|---|---|---|
| February 9, 2021 | $43 million Series A | Norwest Venture Partners | Redpoint Ventures and Sierra Ventures also participated. Fabric’s Series A announcement. |
| July 20, 2021 | $100 million Series B | Stripes | B Capital Group and Greycroft joined; Norwest Venture Partners, Redpoint Ventures, and Sierra Ventures participated as existing investors. Fabric said the round closed 161 days after its Series A. Fabric’s Series B announcement. |
| February 24, 2022 | $140 million Series C | SoftBank | Fabric announced the later round and described its valuation as approximately $1.5 billion. Fabric’s Series C announcement. |
As a result, the Series B was the latest round when the 2021 headline was published, but ceased to be the latest announced round when Fabric announced its Series C in 2022.
What growth and valuation figures were attached to the Series B?
Fabric’s 2021 announcement reported 800% year-over-year revenue growth. That is a company-reported figure; the cited materials do not establish it as independently audited. GeekWire, citing Bloomberg, reported an $850 million valuation for the Series B. Fabric’s own Series B announcement does not state that valuation, so it should be treated as a reported figure rather than a company-confirmed term. GeekWire’s contemporaneous report also quotes CEO Faisal Masud: “We are offering technology and guidance that was previously only available to the largest e-commerce organizations.”
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Which Fabric is this?
This story concerns the Seattle commerce software company. Another company named Fabric announced a $200 million Series C in October 2021 for a robotic micro-fulfillment business; that is a different business and its funding should not be combined with the Seattle company’s financing history. The robotics company’s announcement describes its micro-fulfillment focus.
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