Fab.com secures $40 Million in Series B Funding
Date: Monday , January 02, 2012
Fab.com, a New York based e-commerce company, raised $40 million in series B round of funding led by Andreessen Horowitz. Existing investors Menlo Ventures, First Round Capital, Baroda Ventures, SoftTech VC, and Ashton Kutcher-Guy Oseary’s A-Grade Investments also took part in the funding. Fab.com has raised a total of $51 million in funds till now. It raised a combination of early-stage round of funding in June 2011, and $8 million in series A round of funding in July 2011.
Co-Founded in 2010 by Nishith Shah, Deepa Shah, Jason Goldberg, and Bradford Shane Shellhammer, the company features daily design inspirations and sales at up to 70 percent off. The members receive exclusive access to daily design sales featuring world’s leading designers and manufacturers.
The company plans to use the funds to grow the business in 2012, and new investments in operations, technology, social commerce, and product expansion are planned. “We believe that everyone, everywhere can benefit from affordable design and that great design exists in every product category, at every price point. We are constantly pushing the envelope at the intersection of social and commerce and content,” says Nishith Shah, CoFounder & CTO, Fab.com. He also suggested that this quality of the company is the factor that is attracting the investors into it. The worldwide headcount of Fab.com is 125.