In December of 2010, Fabulis, a social network for gay men turned into Fab.com, a daily deals site for gay men. Then, this spring, Jason Goldberg, Fab’s CEO turned the ship in yet another direction, dropping its niche demographic to become a top destination for quality designed objects at below retail prices.
With a little help from viral promotions, Demi Moore, Ashton Kutcher, and the New York City venture community, Fab has been hotter than hot. Since launching in June 2011, it’s on target to hit over $20 million in revenue by the end of the year with over 1.2 million members signed up. Each day, Fab.com presents its members with an exclusive collection of design sales across dozens of categories ranging from home products to jewelry to artwork and more, all at up to 70% off of retail prices.
Today, Fab.com, which calls itself “the world’s fastest growing e-commerce company” announced $40 million in Series B funding led by well-known investment firm Andreessen Horowitz. The round values Fab.com at more than $200 million, people familiar with the matter told the WSJ. Existing investors also contributed to the round (Menlo Ventures, First Round Capital, Baroda Ventures, SoftTech VC, and Ashton Kutcher – Guy Oseary and A-Grade Investments). As part of the announcement, Andreesen Horowitz General Partner and e-commerce icon Jeff Jordan will join Fab’s board of directors. All this in just six months since launching.
Check out this new video of co-founder Bradford Shellhammer, as he talks in depth about Fab.com and some of the company’s new holiday products.