Nishith Co-Founded Fab.com raises $8 Million

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Nishith Co-Founded Fab.com raises $8 Million
Santa Clara: New York-based Fab.com, a design sale site, raises $8 million in series A funding led by Menlo Ventures. Several existing investors, including First Round Capital, Baroda Ventures, The Washington Post Company, Fab.com's co-founder and CEO Jason Goldber, SOftTech VC, SV Angel, Ashton Kutcher and Zelkova Ventures, also participated in the funding. A number of angel investors including Kevin Rose, Jon Anderson, Don Baer, Josh Kushner, Dave Morgan, Ben Ling and David Tisch also took part in this funding. The fund will be used to scale the business, grow their base of designers, expand sales categories and build more community and engagement features. Fab.com initially started as Fabulis, a social networking site for gay men, have changed their portfolio of activities to online flash sales of design items. They also sell a wide range of designer items ranging from household objects to jewelry and gadgets. They recently raised their early-stage round of funding of $1 million. Fab.com is a design online site offering daily design inspirations and sales 70 percent off retail. Membership to the site is free but by invitation only. The members receive exclusive access to daily-curated design sales featuring world's leading designers and manufacturers. They launched their site last month and currently have more than 350,000 members who place more than 1,000 orders a day and are adding more than 5,000 members each day. According to Goldberg, they are trying to expand their user base and categories they are in to. They want to become a design site affordable to everyone. It operates like other flash sales sites by offering a limited amount of inventory for a short period of time.