Fabric 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 e-commerce and fulfilment reality,” says 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.