Corner Ventures heads up major Fabric funding round
Israeli micro-fulfilment startup Fabric, formerly known as CommonSense Robotics, has raised $110 million in a Series B funding round.
This was led by Corner Ventures with participation from Aleph, Canada Pension Plan Investment Board (CPPIB), Innovation Endeavors, La Maison, Playground Ventures and Temasek.
The venture, which has raised $136 million to date, plans to use the funds to accelerate its growth in the US, where it is developing a series of micro-fulfilment centres. A first site in the New York area is under construction and will be online in Q1 2020. “Our production-proven micro-fulfilment platform is fundamentally changing the face of retail,” says Elram Goren, Fabric CEO and Co-founder.
“Driven by our world-class proprietary technology, we are designing and building an entirely new logistics infrastructure in cities so that on-demand fulfilment and delivery can happen faster, cheaper, and at scale. Whether it’s enabling retailers to profitably fulfill one-hour deliveries or helping businesses restock their storefronts more efficiently, we aim to be the solution that empowers businesses to better serve their customers.”
John Cadeddu, Managing Partner at Corner Ventures, comments: “We are delighted to be partnering with the Fabric team in their incredible vision to reinvent how goods are fulfilled and delivered in this on-demand world, ultimately empowering retailers to provide faster deliveries at lower costs and at scale.”