E-commerce startup Fabric has raised 100 million dollars in its latest funding round. Fabric specializes in platform development and has garnered a lot of attention since the COVID-19 pandemic as companies looked to expand their digital platforms. The news of Fabric’s fundraising round was reported by Bloomberg.
Fabric’s latest fundraising round was led by New York-based private equity firm Stripes. New investors included B Capital Group and Greycroft. After this latest funding round Fabric’s valuation is now 850 million dollars. That’s an increase from its valuation of 193 million dollars.
Fabric’s main function is allowing customize their websites with digital storefront and providing point of sale technology for transactions. According to Bloomberg, the company has two dozen customers, and currently has plans to expand in Asia.
Fabric was founded in 2017 by Ryan Bartley, a business executive who has worked at eBay and Staples. The rapid growth in e-commerce is causing a small tech boom for retail related companies.