New York startup Fabric raised $110 million in Series B funding for the U.S. expansion of its automated logistics platform for retailers.
The capital will “propel the company into a new stage of hypergrowth,” the company said in an announcement on LinkedIn on October 23. Investors include the Canadian Pension Plan Investment Board, Corner Ventures, Aleph VC, La Maison Compagnie d’Investissement, Playground Global, Temasek and Innovation Endeavors.
Fabric’s micro-fulfillment centers allow smaller retailers including grocery stores to provide rapid, on-demand deliveries in under an hour. Multiple stores can share modular automated facilities.
“Our aim is to enable all other retailers to stay relevant and competitive in this world that Amazon has created,” Chief Operating Officer Steve Hornyak told TechCrunch.
Did you know?
U.S. Route 2A is said to be one of the most haunted spots in Maine. The road is notoriously dangerous for trucks and inspired the Dick Curless song, “A Tombstone Every Mile.”
Quotable:
“That’s going to be really crazy growth.”
— Tesla (NASDAQ:TSLA) CEO Elon Musk on the 48% increase in solar panel installations reported in third-quarter earnings.
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Final thoughts:
Fabric is potentially exciting for small businesses without the means or scale to justify a fulfillment operation.
Like Shopify’s new Fulfillment Network, Fabric is nipping at the heels of Amazon’s hegemony.
The utilization of robotics and automation also evokes Shopify, which recently acquired 6 River, an automated warehouse platform.
Hammer down everyone!