The investment represents a major vote of confidence in the flexible logistics platform
NEW YORK, February 25, 2020 — Fabric today announced an additional investment to its Series B round from Evolv Ventures, the investment arm of Kraft Heinz, one of the largest global food and beverage companies in the world. Led by a team of food, startup, and venture capital veterans, Evolv Ventures is focused on strategic investments in emerging technologies across the food value chain. Their undisclosed additional investment to the $110 million-dollar round is a resounding vote of confidence from a leading food tech investor and the iconic food company.
“We are completely changing the game and helping businesses create a new ecommerce and fulfilment reality,” said Elram Goren, Co-Founder & CEO of Fabric. “Our goal is to help transform and advance the retail and logistics spaces by offering an on-demand fulfilment platform that increases customer satisfaction by providing faster deliveries while simultaneously enabling businesses to maintain profitability. This strategic investment by Kraft-Heinz will propel us forward, as we continue to expand in the U.S. market and serves as an active endorsement of our micro-fulfillment solution by one of the biggest CPGs in the world.”
Fabric’s production-proven micro-fulfillment platform leverages advanced proprietary robotic technology to enable retailers and brands to offer profitable and fast fulfillment, whether for home delivery, curbside pickup, or store replenishment. With a proprietary technology stack designed specifically for micro-fulfillment, Fabric empowers retailers and brands with unparalleled flexibility to build custom solutions that adapt to the real estate requirements, inventory, volume, and operating and capital expenditure requirements of individual providers.
“Fulfillment is one of the largest issues holding back profitable e-Commerce operations for retailers today. We believe the solution lies in more effective technology and automation, and Fabric has the technology, team and resources to lead this transformation,” said Bill Pescatello, Managing Partner of Evolv Ventures. “This investment is another example of our dedication to game-changing technologies that unlock the potential of e-Commerce in the retail space and our continued commitment to ensure Kraft Heinz products are available in as many channels as possible, so they can be delivered to end consumers in the most convenient and efficient manner.”
In October 2018, Fabric launched the world’s smallest automated fulfillment center, and today the site processes up to 600 orders a day out of just 6,000 square feet with proven one-hour delivery capabilities. In late 2019, the company’s grocery site serving same-day deliveries went live. In 2020, Fabric is projected to rapidly expand across the U.S. market in partnership with some of the country’s leading brands with the first site in New York City to go live in the coming months.
Fabric makes on-demand fulfillment possible and profitable for retailers while powering every retailer’s unique offering. The company builds automated micro-fulfillment centers that make on-demand fulfillment profitable by locating automation physically close to end customers.
Unlike any other micro-fulfillment solution, Fabric’s unique purpose-built proprietary solution enables cloud-like elasticity for retailers, enabling them total flexibility to build a custom solution based on their unique inventory level, desired reach, and opex and capex requirements, expanding and flexing as their needs change.
The company’s solution has been deployed commercially since 2018 and is production-proven. With offices in Tel Aviv and New York, Fabric is rapidly expanding its U.S. operations. Founded in 2015, Fabric is backed by Aleph, Corner Ventures, Canada Pension Plan Investment Board (CPPIB), Innovation Endeavors, Evolv Ventures, La Maison, Playground Ventures, and Temasek.
ABOUT EVOLV VENTURES
Evolv Ventures Capital Fund is a $100 million venture fund backed by Kraft Heinz that invests in emerging tech companies transforming the food industry. The venture fund aims to accelerate Kraft Heinz’s exposure to emerging technologies and businesses and leverage Kraft Heinz’s position in the industry to become the most value-added investor in the space. To learn more, visit https://www.evolv.vc or follow us on LinkedIn and Twitter.
Tamara Raynor-Cote | Account Executive
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