New York startup Fabric raised $110 million in Series B funding for the U.S. expansion of its automated logistics platform for retailers.
The capital will “propel the company into a new stage of hypergrowth,” the company said in an announcement on LinkedIn on October 23. Investors include the Canadian Pension Plan Investment Board, Corner Ventures, Aleph VC, La Maison Compagnie d’Investissement, Playground Global, Temasek and Innovation Endeavors.
Fabric’s micro-fulfillment centers allow smaller retailers including grocery stores to provide rapid, on-demand deliveries in under an hour. Multiple stores can share modular automated facilities.
“Our aim is to enable all other retailers to stay relevant and competitive in this world that Amazon has created,” Chief Operating Officer Steve Hornyak told TechCrunch.
Did you know?
U.S. Route 2A is said to be one of the most haunted spots in Maine. The road is notoriously dangerous for trucks and inspired the Dick Curless song, “A Tombstone Every Mile.”
Quotable:
“That’s going to be really crazy growth.”
— Tesla (NASDAQ:TSLA) CEO Elon Musk on the 48% increase in solar panel installations reported in third-quarter earnings.
In other news:
Government registrar may have exposed truckers, carrier rep data
The U.S. government’s Unified Carrier Registration Plan may have exposed Social Security numbers and tax IDs from 30,000 truckers and carriers. (Commercial Carrier Journal)
U.K. government introduces new drone laws
The U.K. government has proposed legislation aimed at combating illegal drone use. (Centre for Aviation)
Volga-Dnepr to ground two planes, cut to 100 jobs
Cargo airline Volga-Dnepr plans to ground two An-124s and cut up to 100 employees because of poor market conditions. (The Load Star)
Trudeau vows to continue Trans Mountain pipeline expansion
Canadian Prime Minister Justin Trudeau said his next government will continue the project to expand the Trans Mountain oil pipeline. (Toronto Star)
Lufthansa Cargo phasing out MD-11Fs
Lufthansa Cargo plans to take its 11 remaining MD-11F aircraft out of service by the end of 2020 in favor of Boeing 777Fs. (Cargo Forwarder)
Final thoughts:
Fabric is potentially exciting for small businesses without the means or scale to justify a fulfillment operation.
Like Shopify’s new Fulfillment Network, Fabric is nipping at the heels of Amazon’s hegemony.
The utilization of robotics and automation also evokes Shopify, which recently acquired 6 River, an automated warehouse platform.
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