Fabric, which develops automated fulfillment solutions that combine hardware and software, will lay off about 30 employees, or 15% of its 200-person team.
This is the second major layoff for the company, after cutting 150 people in July 2022. The number of employees who will be laid off in this round is not final and will be decided after a public hearing.
Less than three weeks ago, the company announced the appointment of Kurt Avallone as co-CEO, with Avi (Jack) Jacoby taking over the CEO role in 2022. Jacoby joined the company in 2018 as chief of staff and later became CEO. Israeli Market and Chief Operating Officer.
The latest job cuts come nine months after the company raised $200 million in a Series C funding round at a valuation of more than $1 billion. Fabric was founded in 2015 by Ori Avraham, Eyal Goren, Elram Goren, and Shay Cohen and has raised $375 million to date. Investors include Temasek, Corner Ventures, Union Tech Ventures, Playground, Innovation Endeavors, and Aleph.
The company's robotic systems are able to penetrate urban spaces of various sizes and maximize production and storage per square meter. This enables faster collection of orders for same-day or next-day delivery, a trend that has increased significantly in recent years, and reduces shipping costs. Previously, the company sold robotic warehouses as a complete solution, but now it is focused solely on selling technology and software.
In response, Fabrik said: “As part of our work planning for next year and in line with our strategic decisions, we have identified key areas of focus to achieve our goals more efficiently. As a result, our organizational structure “We understand the challenges involved in this process and are deeply grateful to our dedicated employees who have contributed to the company's success over the years.” .Fabric is committed to supporting and assisting these employees during this period and we believe these changes will lead to significant support.''Fabric is committed to supporting and assisting these employees during this period and we believe that these changes will lead to significant support.'' Helps maintain. ”
