MVP to MLP & Valuation, Revenue & Customers

We are proud that our last valuation was $1.5 billion and that Softbank invested in us, though we are also surprised. Is this a pure oversight of the investors or does Faisal have the charm of Adam Neuman to get such an investment? When we raised these hundreds of millions of dollars, our revenue was less than $5 million, of which more than $2 million was services money.

Faisal had turned us into a services company, doing software services for his friends at large companies. He knew the CFO at GNC, Faisal Hussain at MSC, and Faisal Awan at Trimark. Projects for these three companies accounted for 80% of our engineers’ work. We were told it was implementation, but we were not doing any kind of integration. We got more customers and more engineers from Pakistan, all building custom modules for the customers.

It seemed like the right thing to do, and one day it would be all done and we would be back in the product, but it never stopped. Now, in 2023, we are still doing implementations.

Some interesting things to note:

• We ar only live with our platform for Build Direct and ABC Home. NONE of our other customers are live with us. No other, Zero!
• We did services projects for a very long time for GNC, MSC, and Trimark for which they paid us big bucks. $1M from Trimark.
• For GNC, we were integrating our so-called PIM with their PIM, not our commerce platform. They run on Salesforce Commerce Cloud.
• Every day, we are in a firefight meeting with our customers. Nothing works.
• Faisal now, in 2023, wants to trim down and focus only on Marketplace, the company we bought last year. What happened to the headless commerce platform?

When Stacy Saal joined us, she quickly realized that our product was not stable at all, not in a shape to deploy to any customer. Our platform is a single tenant architecture, which means to deploy to a customer, we have to deploy everything from scratch, and when there is a bug, we have to fix it individually for all our customers. And because each deployment is customized, we break 100 things when we fix one.

After Stacy joined, she started a project to get to MLP (Minimal Loved Product). Here, we were a multi-billion dollar company still building our MLP. The plan was to build our MLP by Q4 2021, but most of us were focused on “implementation”, so there was no way we could complete the MLP. We are now in 2023, and I don’t think we have a MVP yet, let alone an MLP.

I guess that is why she left. Good luck to her in her new endeavors; she was definitely what we needed. And the best part was how Faisal vanished from the scene when Stacy was at the company. Stacy was our de-facto CEO during her time at Fabric. Faisal did not even attend our town-halls at that time. He was nowhere to be seen, never heard, enjoying the money from his stock sale in NYC.

Customers- what customers? We don’t have customers we only have Faisal’s friends. 90% of our clients are Faisal’s friends but now even they have given up. We have lost all our customers in the last 3–6 months we are only left with handful few.