The 4-year-old company said revenue has grown more than 800% year-over-year as the pandemic has accelerated e-commerce adoption. It now employs 161 people, up 400% since February.
The Series B round values Fabric at $850 million, according to Bloomberg, up from a $193 million valuation in February.
Fabric is quickly inching toward unicorn status, on the verge of joining a growing list of privately held tech startups in the Seattle region valued above $1 billion. The Seattle startup scene is sizzling with record funding, hiring surge, 12 unicorns Seattle-area companies including Highspot, Zenoti, Outreach, Rec Room, and Amperity have raised venture capital rounds of $100 million or more in the past six months amid a record year for funding, both in Seattle and nationally.
Fabric is one of several Seattle-based e-commerce startups that provide back-end infrastructure for online shopping. It aims to help mid-market brands that are trying to keep up with Amazon but don’t have the technical expertise or capability to build out robust e-commerce systems.
“We are offering technology and guidance that was previously only available to the largest e-commerce organizations,” Fabric CEO Faisal Masud said in a statement.
The company’s platform is described as “headless,” or “modular commerce.” Customers such as GNC and Restoration Hardware can use Fabric for their entire stack, or just pick and choose from its suite of commerce APIs to help with specific parts of a system such as product information or order management, for example.“
Instead of gluing together dozens of modules from dozens of different providers, Fabric is the orchestration layer that brings the best modules together in a seamless way,” Masud explained in this blog post.