Fab raises $105 million in funding round
The design-focused shopping site has plans for global expansion, faster shipping time, and more products after it scores millions in a third round of funding.
Design-focused shopping site Fab hopes to expand its global footprint and increase its warehouses and inventory with the $105 million its secured in a third round of funding, Fab CEO Jason Goldberg said in the company's blog post today.
The new round of financing was led by investment firm Atomico, which is also helping Fab expand its site globally, starting with London, Tokyo, Beijing, Sao Paulo, and Istanbul. Atomico's other investments include Skype and Rovio, the maker of Angry Birds.
"We believe that we have a special opportunity to create one of the world's next great brands," Goldberg wrote. "We believe that Fab can become the definitive global brand synonymous with design. We also know that it will take a steady focus on making our customers smile."
And the company seems to be sticking to its model, while also integrating Facebook and Pinterest into the site so all your friends can see what you think is "fab." You need to register on the site in order to see and purchase the products, which range from vintage housewares to clothes and accessories, to an adult panda costume.
The other contributors to the $105 million includes Andreessen Horowitz, Menlo Ventures, First Round Capital, David Bohnett's Baroda Ventures, ru-Net Technology Partners (RTP), Pinnacle Ventures, Docomo Capital, Mayfield Fund, and Troy Carter.
Fab plans to put its millions to work by building more Fab warehouses and inventory to shorten shipping times to "just a few days," increase the number of products to exceed the 10,000 per day it has now, and continue expanding into markets outside the U.S. Fab is currently in the U.S., Canada, and 18 European countries. Goldberg expects half the company's revenue to come from outside the U.S. by 2014.
"It's all about making people smile," he wrote. "We don't choose products to sell on Fab based on revenue and margins, we just focus on the Fab smile quotient: The ratio of shares and wows to views. That drives our business."
See silly video about sharing on products on Facebook below.