Seattle-based e-commerce startup Fabric has raised a $140 million Series C round, putting its value at about $1.5 billion.
SoftBank led the round, while Forerunner Ventures, Glynn Capital, Redpoint Ventures, Norwest Ventures and Stripes participated.
Fabric has now raised over $280 million since February last year, when the company raised a $43 million Series A round. The company followed that up with a $100 million Series B round in July.
The Seattle area has minted multiple new unicorns, or companies worth at least $1 billion, so far this year. Bellevue-based recruiting startup SeekOut raised $115 million in January and hit a value of over $1.2 billion. Seattle-based app development company Temporal, meanwhile, raised $103 million earlier this month and reached a value of roughly $1.5 billion.
Fabric CEO Faisal Masud said the company, which has almost 300 employees, could grow its headcount by 20% to 30% over the next year. On it website, the company has open roles in engineering, marketing and product, among others.
The company, founded in 2017, helps clients make changes to their digital storefront without needing to make complicated back-end adjustments. The aim is to allow clients to create a customized shopping experience without relying on complex engineering. Fabric's clients include GNC, McDonald's and Crate & Barrel.
As for why Fabric has raised so much money over the past year, Masud said the market is largely adopting Fabric's technology, and the company wants to seize the opportunity. He added that investors have actually been seeking out the company rather than the other way around.
"We're very capital efficient. So no, we don't spend a lot of it," Masud said. "We are very surgical about where the investments go. As you can imagine, most of our team and investments are on product and engineering. That's where we spend all of our time and money."
Fabric is currently using coworking space instead of a permanent office, but Masud said the company will likely secure its own offices sometime in the fourth quarter.
"A lot folks in the company prefer remote, and we want to be sensitive to that," Masud said. "You don't know what the next Omicron is. We have no idea. We were actually very close to getting a location, and then all these new variants hit."
