E-commerce startup Fabric, last valued at about $1.5 billion, has moved its headquarters out of Seattle.
A Fabric spokesperson confirmed Thursday the company relocated to San Francisco but declined to provide additional details on when the move occurred and the reasons behind it.
Fabric's LinkedIn page still lists the Pioneer Square neighborhood as the company's headquarters, but the company began referring to its San Francisco headquarters in press releases as early as January.
Fabric named longtime Salesforce executive Mike Micucci as its CEO in August 2023, replacing Faisal Masud who stepped down in May 2023. Micucci is based in San Francisco, according to his LinkedIn page.
Earlier this month, Fabric hired Matt Kaminski as its chief revenue officer. He is also based in the Bay Area, according to his LinkedIn page.
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Fabric, founded in 2017, helps clients adjust their digital storefronts without having to make complicated back-end changes. The company raised $140 million in 2022, when it hit its roughly $1.5 billion valuation, adding to $143 million the company raised across two funding rounds in 2021. Fabric's clients include Chico's, GNC and Pier 1 Imports, according to its website.
In 2021, Masud moved the company from Bellevue to Seattle's Pioneer Square neighborhood. He told the Business Journal at the time that it was a short-term move for the company.
At the time of the 2022 raise, Masud told the Business Journal Fabric had almost 300 employees. The company has almost 520 employees listed on LinkedIn now. On its website, Fabric lists four open roles across engineering, IT and sales.
Masud, who is based in Seattle, had led Fabric as CEO since 2020. He has since taken a new role with HP Inc., his LinkedIn page notes.
Fabric's former Chief Financial Officer Nevin Shetty in May 2023 pleaded not guilty to four counts of wire fraud after funneling $35 million of Fabric's money in 2022 to a cryptocurrency company he founded. He lost nearly all the money.
Shetty and his lawyers on Friday filed a motion with the U.S. District Court for the Western District of Washington to push the trial from September to March. U.S. attorney Tessa Gorman on Wednesday filed a motion opposing the delay, noting the case has already been delayed twice and has been pending for over a year.
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