Israeli-U.S. retail logistics startup Fabric raises $110 million

[October 23, 2019]   TEL AVIV (Reuters) - Israeli-U.S. retail logistics company Fabric said on Wednesday it raised $110 million in a funding round led by Corner Ventures, bringing its total raised to date to $136 million.

Aleph of Israel, Canada Pension Plan Investment Board, Innovation Endeavors, La Maison, Playground Ventures and Temasek also participated in the funding round.

Formerly called CommonSense Robotics, Fabric's logistics platform helps retailers to profitably fulfil one-hour deliveries and helps businesses restock their storefronts more efficiently, the company said.

It plans to use the funds to accelerate its growth in the United States, where it is building micro-fulfilment centers. The funding will also be used to grow Fabric's U.S.-based commercial operations and technical support teams as well as its engineering teams in Tel Aviv.

Founded in 2015 in Tel Aviv and headquartered in New York, Fabric has 14 sites under contract and plans to launch micro-fulfilment centers in several U.S. cities in 2020. The first site in the New York City area is under construction.

(Reporting by Tova Cohen; Editing by Steven Scheer

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