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Icertis Raises $150 Million Debt Financing to Support Growth and Flexibility in Contract Management Market
Icertis, a Bellevue-based contract management software provider valued at around $5 billion, raised $150 million through debt financing as of October 31, 2022, to ensure business flexibility. The company serves clients worldwide, including Microsoft and SAP, and reported over 50% growth in annual recurring revenue in early 2022.
Rajat Bahri Named CFO of Icertis Amid $5 Billion Valuation; Pacific Northwest Tech Firms Announce Key Executive Hires
Rajat Bahri, former CFO of ID.me, has joined Icertis as CFO, replacing Curt Anderson, amid recent investments valuing Icertis at $5 billion. Additionally, several key tech and startup executives have taken new roles across Pacific Northwest companies including CommerceIQ, Waabi, Limeade, and AdaptX.
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.
SAP makes undisclosed investment in Icertis amid expanded partnership after SoftBank valued startup at $5 billion
Icertis, a Bellevue-based contract management startup, received an undisclosed investment from SAP as part of an expanded partnership; the move follows an October SoftBank investment that valued Icertis at $5 billion. The company previously raised $80 million in March and was valued at $2.8 billion then; total funding and exact SAP stake were not disclosed.
Game Jolt co-founders Yaprak and David DeCarmine raise $2.6M seed round led by Acequia Capital
Seattle-based Game Jolt, founded by husband-and-wife Yaprak and David DeCarmine, raised a $2.6 million seed round led by Acequia Capital to grow its social platform for Gen Z and Gen Alpha gamers. The platform hosts over 40,000 communities—some with more than 500,000 active members—where users share fan art, gameplay recordings, guides, and reviews.
Wyze names former Nike exec Francis Lee as first CFO; OutSystems raises $150M at $9.5B valuation as CMO relocates to Seattle
Wyze Labs named longtime Nike executive Francis Lee as its first CFO as the Kirkland smart-home startup expands after a Series A; OutSystems closed a $150M funding round valuing it at $9.5B while moving CMO Robson Grieve to Seattle. Additional regional moves include Lisa Nelson joining Flying Fish Partners as a venture partner and Apptio naming Kevin Meeks chief customer officer.
OfferUp names Niti Bashambu CPO after $120M raise and $1.4B valuation; Flyhomes appoints Amy Sellers VP of Marketing
OfferUp hired Niti Bashambu as chief product officer after raising $120 million and reaching a $1.4B valuation; Flyhomes named Amy Sellers VP of marketing as it expands across five markets. Promethean also hired Chris Hand as chief revenue officer.
Frazier Healthcare Partners launches $100M SPAC, Frazier Lifescience Acquisition Corporation (FLAC), to pursue biotech deals
Seattle venture firm Frazier Healthcare Partners filed with the SEC to raise $100 million for a SPAC called Frazier Lifescience Acquisition Corporation (FLAC) led by four Frazier executives, aiming to target biotechnology companies to develop therapies and generate investor returns.
Picnic raises $3M from existing investors to commercialize pizza-making robot producing 300 12-inch pizzas/hour
Seattle startup Picnic raised $3 million from existing investors to accelerate commercial rollout of its pizza-making robot capable of producing up to 300 12-inch customized pizzas per hour, citing increased pandemic-driven demand and plans to use funds for development, hires, and marketing.
Daniel Kihanya launches Founders Unfound podcast to spotlight underrepresented founders and counter racial bias
Seattle entrepreneur Daniel Kihanya hosts the Founders Unfound podcast to showcase personal stories of underrepresented founders—especially Black entrepreneurs—to counteract racial bias in startup funding and hiring. By highlighting founders’ backgrounds and character, the biweekly interviews aim to replace surface credibility shortcuts with richer evidence of track records and potential.
Seattle Startup CEOs Condemn Racism, Urge Action and Investment in Black Founders After George Floyds Death
Seattle startup leaders publicly condemned racism after George Floyd’s death and pledged concrete actions — including learning, speaking up, and pushing for investments in entrepreneurs of color — while noting tech’s role in inequality and recent moves like SoftBank’s $100 million fund.
SoftBank Investment Advisers and WeWork launch EMERGE 8-week virtual program, 14 startups start April 27 including three from Seattle
SoftBank Investment Advisers and WeWork launched EMERGE, an equity-free 8-week virtual program to support underrepresented founders; three Seattle startups — Game Jolt, Node, and Rebellyous Foods — are in the inaugural 14-company cohort that began April 27.
Microsoft acquires Affirmed Networks to expand Azure 5G cloud offerings; deal valued at $1.35 billion
Microsoft will acquire Boston-area virtualized-network startup Affirmed Networks to expand Azure's 5G and telecom cloud offerings; Affirmed serves 85+ networks, employs 500+ people, and had raised over $150 million. Bloomberg later reported the deal valued Affirmed at $1.35 billion.
Seattle Startup Picnic Raises $5M Seed Funding for Pizza-Making Robot Assembling 300 Pizzas Per Hour
Seattle startup Picnic raised $5 million in a seed round to advance their pizza-making robot, which can assemble 300 pizzas per hour and has attracted global interest. The funding will help develop the next version and expand pilot programs, addressing labor shortages in the food industry.
San Francisco Startup Getaround Launches Peer-to-Peer Car Sharing in Seattle, Taking 40% Revenue Per Rental
Seattle’s Getaround, a peer-to-peer car-sharing service backed by a San Francisco startup, allows users to rent neighbors' cars via an app, keeping 40% of rental fees. After a rocky start, the service provided a smooth experience, exploring the feasibility of the Airbnb model applied to car rentals.
