Fabric is a headless ecommerce platform which seals a $9.5M seed funding. They can continue to help direct-to-consumer and B2B brands to utilize an ecommerce platform designed by them. The primary rounds were led by Redpoint Ventures, Sierra Ventures, and Expa. Alex Bard, MD of Repoint Ventures, and Tim Guleri, Managing Partner at Sierra Ventures, will join the board of Fabric.
Meanwhile, Fabric has announced its new CEO, Faisal Masud. The Seattle-based company has elected him as he has led the multibillion-dollar commerce business of Amazon, eBay, Groupon, and Staples. Masud said to Crunchbase News, “I was advising the team for a while, and it was clear that Fabric was a unique need for professional services around ecommerce.”
He also said that in the history of online trading platforms, they had been built for small and medium businesses to outgrow. But the thesis that they have chalked out is way more effective. The thesis is working with smaller business and mid-market ones and also provides a tool that grows with them. Clearly, it can be seen that the $9.5M dollar investment may bear fruit, and their goals may be accomplished.
Now seeing the pandemic caused by COVID-19 globally, many D2C and B2B brands choose to boost their online commerce. This growth in ecommerce creates an expectation of a $5 trillion ecommerce market share in 2021. Many commercial investors have invested capital in the ecommerce platform. Bard said in an interview, “Fabric has built a product so that they don’t have to rely on legacy products. If they can pull it off, this will be big for consumer experience.”
Fabric is already indulged with brands like ABC Carpet & Home, BuildDirect, and GNC to make customer experiences more quick and inexpensive. They will also invest new funds for building the platform and its apps. These funds will also mature sales and marketing processes. Masud said, “We have been fortunate to have early customers.” He also added that they have been in stealth mode till March, but with the capital they get, they expect double or triple growth in ecommerce.