Logistics technology startup Fabric, which was formerly known as CommonSense Robotics, has raised $110 million in venture capital funding to help the Tel Aviv-based company bring its flexible platform of "micro-fulfillment centers" to North America.
Fabric began construction in July of what it called the "world's first underground automated warehouse," using space in a parking garage in downtown Tel Aviv, Israel, to provide one-hour delivery services for local grocery retailers.
The new funding comes was led by Corner Ventures with participation from Aleph, Canada Pension Plan Investment Board (CPPIB), Innovation Endeavors, La Maison, Playground Ventures, and Temasek. It brings the firm's total funding to date to $136 million, following an earlier round of $20 million in backing.
Fabric plans to use the funds to accelerate its growth in the U.S., where it is currently building a new infrastructure of micro-fulfillment centers that it claims will help transform last-mile logistics so that on-demand fulfillment can become profitable and scalable for every business. In 2020, the company plans to rapidly expand across the country in partnership with some of the U.S.'s leading brands. The funding will also be used to grow Fabric's U.S.-based commercial, operations, and technical support teams, as well as its engineering teams in Tel Aviv.
"Driven by our world-class proprietary technology, we are designing and building an entirely new logistics infrastructure in cities so that on-demand fulfillment and delivery can happen faster, cheaper, and at scale," Fabric CEO and co-founder Elram Goren said in a release. "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."
We are excited to announce that we have raised $110 million in Series B funding! This investment will fuel our expansion into the U.S. and push Fabric into a new stage of hypergrowth. We're grateful for our incredible team, clients, and investors! pic.twitter.com/Sk5JGtS5PV— Fabric, formerly CommonSense Robotics (@fabriclogistics) October 23, 2019