Fabric
Facts
- HQ
- Bellevue
- Sectors
- E-commerce, Retail, B2B, SaaS, APIs, Technology
- Stage
- Series C+
Kulipa shuts down July 29, crippling 120,000+ crypto cards from ~20 clients after $9.2M raise; Solflare spared by self-custody design
Paris-based Kulipa, a B2B stablecoin card infrastructure startup that raised $9.2M and issued over 120,000 cards, abruptly shut down on July 29 for solvency reasons, disabling cards for ~20 fintech clients; Solflare users avoided loss because their card debited funds directly from users' self-custody wallets rather than holding balances at Kulipa.
Former Fabric CFO Nevin Shetty Convicted of Wire Fraud for Diverting $35M to Crypto Business
Nevin Shetty, former CFO of Seattle startup Fabric, was convicted of wire fraud for diverting $35 million of company funds into a crypto side business, resulting in near-total loss. He faces sentencing in February 2026 and could receive up to 20 years in prison.
Seattle VC Firm Ascend Raises Third Fund to Back Early-Stage AI Startups After $25M Second Fund in 2023
Seattle venture capital firm Ascend is raising its third fund to invest in early-stage tech startups focused on vertical AI and infrastructure, following a $25 million second fund in 2023. Founder Kirby Winfield launched Ascend in 2019 and the firm primarily supports Seattle-area founders with investments ranging from $250,000 to $750,000.
Seattle Startup Loot Labs Raises $6M Seed Round Led by BITKRAFT Ventures to Expand Boxed.gg Digital Collectibles Platform
Seattle-based Loot Labs raised $6 million in a seed round led by BITKRAFT Ventures to expand its digital collectibles platform Boxed.gg, including a beta for trading Counter-Strike 2 weapon skins. Boxed.gg offers a gamified marketplace for collectible cards like Pokémon and Magic: The Gathering, allowing digital purchases and physical merchandise fulfillment.
Former Fabric CEO Faisal Masud Joins HP as SVP and President of New WW Digital Services Division
Former Fabric CEO Faisal Masud has joined Hewlett-Packard as senior vice president and president of the new WW Digital Services division within HP Workforce Solutions, remaining based in Seattle. Masud brings extensive experience from Amazon, eBay, Groupon, Staples, and Alphabet's Wing, while Fabric continues to grow under new leadership after a $140 million funding round.
Fabric Names Former Salesforce Exec Mike Micucci as CEO Amid $140M Funding and $1.5B Valuation
Seattle e-commerce startup Fabric named Mike Micucci, former Salesforce Commerce Cloud CEO and Automation Anywhere COO, as its new CEO. The company recently raised $140 million in Series C funding at a $1.5 billion valuation and aims to innovate online commerce technology.
Former Fabric CFO Nevin Shetty Pleads Not Guilty to Fraud in $35 Million Crypto Fund Transfer
Nevin Shetty, former CFO of Seattle startup Fabric, pled not guilty to four fraud charges for allegedly transferring $35 million of company funds to his crypto firm. The funds lost nearly all value in the 2022 crypto crash, and Shetty’s next court date is July 24.
Ex-Fabric CFO Nevin Shetty Indicted for Wire Fraud After Moving $35M to Crypto Business Amid Market Crash
Nevin Shetty, former CFO of Seattle-based startup Fabric, was indicted for wire fraud after allegedly transferring $35 million of company funds to his crypto business, HighTower. The crypto crash in May 2022 wiped out the value of the funds, leading to his upcoming arraignment on May 25.
Seattle VC Firm Ascend Raises $25M Second Fund to Boost AI Investments Amid Market Downturn
Seattle-based pre-seed venture capital firm Ascend, led by Kirby Winfield, raised a $25 million second fund focused on doubling down on artificial intelligence investments amid a challenging startup funding environment. Winfield, who has backed over 70 startups, predicts a further valuation correction but remains committed to early-stage investing.
Seattle’s Foundation, led by ex-Staples exec Shiv Agarwal, raises $3M seed to expand its B2B wholesale e-commerce platform
Seattle startup Foundation, led by former Staples exec Shiv Agarwal, raised a $3 million seed round to grow its B2B wholesale e-commerce platform focused exclusively on streamlining wholesale transactions. Foundation connects manufacturers, distributors, wholesalers, and retailers to simplify ordering, inventory sharing, and logistics integration.
Seattle Startup Veeve Launches Attachment to Turn Regular Carts into Smart, Checkout-Free Carts
Seattle startup Veeve has developed a new attachment that converts regular shopping carts into smart carts with built-in sensors and displays, aiming to expand their checkout-free technology from grocery stores to big-box retailers. The device, announced at the Groceryshop conference, offers the same functionality as Veeve's original smart cart but without a scale, making it compatible with most carts.
Startups, superheroes, and the economy at a crossroads: Voices from Seattle's tech community
After holding the GeekWire Awards virtually for the past two years, there was a feeling of real catharsis Thursday evening as hundreds of people streamed through the doors of the Showbox Sodo in Seattle for our annual celebration of the Pacific Northwest's top tech startups, leaders, and innovations. For the finalists in the 2022 GeekWire Awards, recognition at the superhero-themed show came with the added bonus of knowing that their companies made it through a period of unprecedented challenge and change. But the week also brought a new sense of uncertainty about what's to come. [Related Post: 2022 GeekWire Awards…
GeekWire returns in person for 2022 Awards at Showbox SoDo, honoring 60+ finalists across 15 categories with 16,000+ votes
GeekWire held its first in-person GeekWire Awards in three years at Showbox SoDo in Seattle, honoring 60+ finalists across 15 categories with over 16,000 community votes and appearances by local tech leaders and entertainers.
Fabric raises $140M Series C led by SoftBank, becomes Seattle unicorn at ~$1.5B; CEO Faisal Masud highlights B2B ecommerce surge
Fabric, led by former Amazon executive Faisal Masud, raised $140 million in a Series C led by SoftBank and is now valued at about $1.5 billion, becoming Seattle’s newest unicorn. The company provides API-first e-commerce infrastructure aimed at accelerating direct-to-consumer and B2B online commerce, with Masud noting strong pandemic-driven acceleration especially in B2B.
Key trends in digital commerce, with the former Amazon exec leading Seattle’s newest unicorn
This week brought news of a big fundraising by e-commerce technology startup Fabric, a $140 million Series C round led by Softbank. With the deal, Fabric became the Seattle region’s newest unicorn startup, a privately held company valued at more than $1 billion, or about $1.5 billion in its case. Our guest on this week’s GeekWire Podcast is Fabric’s CEO, Faisal Masud a former executive with companies including Amazon, Alphabet, Groupon, Staples and eBay. We talked about the state of physical and online retail as we emerge from the pandemic, business to business commerce, the Amazon heritage on Fabric’s executive…
Fabric raises $140M Series C led by SoftBank at $1.5B valuation to scale e-commerce platform
Seattle e-commerce platform Fabric, led by former Amazon executives and CEO Faisal Masud, raised $140 million in a Series C led by SoftBank at a $1.5 billion valuation, bringing total funding to $293.5 million. The 300-person company provides APIs and software for mid-market retailers (clients include Chico’s, McDonald’s, TriMark, L’azurde and The Honest Company) to manage pricing, inventory, storefronts and checkout as commerce moves online.
Flexe hires Amazon biometrics lead Lara Rogers as SVP/GM; Magnify names ex‑Amazon Sajo Jacob CTO; Schuster joins Open Systems board
Several Seattle-area tech companies announced senior hires and board moves: Flexe hired former Amazon biometrics leader Lara Rogers as SVP and GM; Magnify named Sajo Jacob as CTO and co‑founder after a $6M launch; Open Systems added ex‑Microsoft exec Gavriella Schuster to its board; Fabric and Scener also announced senior appointments.
Assembly acquires bootstrapped Seattle ad-tech startup Pacvue in reported nine-figure deal
Pacvue, a four-year-old Seattle e-commerce software startup that was bootstrapped without VC funding, was acquired by Los Angeles-based Assembly in a deal reported at nine figures; Pacvue provided advertising and sales tools for marketplaces like Amazon and Walmart and had tripled revenue yearly with about 150 employees.
Kirby Winfield, ex-founder and exec, raises $15M for Ascend.vc to back Pacific Northwest early-stage startups
Kirby Winfield, a longtime Seattle startup leader who experienced burnout after multiple exits, founded Ascend.vc to invest in early-stage Pacific Northwest tech companies and raised a $15 million first fund after recovering his health and shifting from founder roles to venture investing.
FruitScout raises $4M to commercialize AI smartphone app for crop-yield optimization; Bowery Capital, TFX back expansion
Yakima startup FruitScout raised $4 million to build an AI-powered app that uses smartphone images to measure tree trunk size, analyze buds/fruit, and predict optimal crop yields and pruning needs; investors include Bowery Capital and TFX Capital. FruitScout began focused on Washington apple growers and is expanding to agave in Mexico after earlier raising a $350,000 angel round.
Fabric raises $100M Series B at $850M valuation as revenue jumps 800% and headcount hits 161
Seattle e-commerce startup Fabric raised $100 million in a Series B that values the four-year-old company at $850 million after reporting revenue growth of more than 800% year-over-year and expanding headcount to 161.
GeekWire 200 update: Remitly No. 3 as proposed IPO looms; Hootsuite debuts No. 6, Convoy rises to No. 7
GeekWire updated its GeekWire 200 list highlighting Pacific Northwest private tech startups amid record investment and M&A activity, with trends toward virtual experiences, at-home healthcare, remote education, and e-commerce. Notable rankings: Remitly at No. 3 (last valued $1.5B, proposed IPO), Hootsuite debuted at No. 6, Convoy rose to No. 7 (valued $2.75B in 2019), and Fabric jumped 26 spots to No. 95.
Sendle raises $35M Series C to expand U.S. operations, using unused delivery-truck space to cut costs
Australian e-commerce shipping startup Sendle raised $35 million in a Series C to expand in the U.S., using unused space on existing delivery trucks to offer lower-cost, faster shipping for small merchants. The company, which integrates with Etsy, eBay and Shopify, touts carbon-neutral operations, compostable packaging and plans to invest the funds in logistics, delivery and tech partnerships.
Shipium raises $8M to help retailers optimize fulfillment and compete with Amazon
Seattle startup Shipium raised $8 million to provide API-driven fulfillment software that helps online retailers optimize shipping decisions and compete with Amazon amid a pandemic-driven e-commerce surge.
Stackline raises $130M Series B from TA Associates after $50M raise last November; serves 2,000+ brands
Seattle-based e-commerce software company Stackline raised $130 million from TA Associates in a Series B, less than a year after a $50 million round; the firm serves over 2,000 brands, has been profitable since 2014, and grew headcount 75% this year.
People
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Umer Sadiq Executive, CTO
