The Fabric attracts Verizon Ventures to Fabric 3 [PRESS RELEASE]
Co-creation foundry in cloud and infrastructure space delivers gross return of 7x in less than 5 years on Fabric 1
Mountain View, CA – March 7, 2018 – The Fabric, a pioneer in co-creating companies focused on cloud and IoT infrastructure technology, today raised its third dedicated pool of capital to invest in early stage cloud infrastructure companies that it co-creates with entrepreneurs. Preceded by Fabric 1 and Fabric 2, its third pool of capital, Fabric 3, has already closed $15 million with initial investment from Verizon Ventures and March Capital Partners, with the remaining to close by the end of April. This will bring the company’s total investment raised to $41 million for the creation and development of cloud and IoT infrastructure companies.
Through its unique approach of deeply collaborating with entrepreneurs to create new companies from the ground up, The Fabric fills a specific need in the startup and investment spectrum of the rapidly growing cloud and IoT infrastructure industry, which is projecting shipments of 7.6 billion IoT endpoints and total spending on endpoints and services to reach $3.9 trillion in 2021, according to Gartner.
Rajan Raghavan, CEO of The Fabric, said: “The Fabric was launched to fundamentally change infrastructure to be cloud delivered. In the last five years, we have created several successful cloud and IoT infrastructure companies to fulfill that premise. With Fabric 3, we are looking to build on that track record and extend the innovation to new horizons such as edge-cloud and IoT mobility.”
Vijay Doradla, Director, Verizon Ventures said: “We are very excited by The Fabric’s approach and look forward to working with The Fabric team to bring innovations to Verizon strategic initiatives, such as 5G, IoT, blockchain, and next-generation networking infrastructure.”
About The Fabric
The Fabric is a co-creation foundry with a focus on cloud and IoT infrastructure. Launched in 2012 by Rajan Raghavan, Prabakar Sundarrajan, and Sumant Mandal, The Fabric has a team of proven company creators who deeply collaborate with entrepreneurs to help them grow from concept to company. The Fabric takes a unique approach of co-creating, funding and launching companies in the cloud and IoT infrastructure space. With this high-touch approach, The Fabric accelerates values and lowers risk to entrepreneurs and investors. Based in Mountain View, the company has raised over $41 million to enable growth of the infrastructure industry, and has launched eight companies including VeloCloud, Perspica, Appcito, IoTium, Pensa, Spanugo, KMesh, and Rosetta Cyber Security. To learn more, visit: www.thefabricnet.com
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