Today Fab.com, the rapidly growing website featuring daily design inspirations and flash sales at up to 70% off retail, announced that it has secured $ 8.0 million in Series A financing led by Menlo Ventures. Several existing investors also participated, including: First Round Capital, Baroda Ventures, The Washington Post Company, Fab.com's founder and CEO Jason Goldberg, SoftTech VC, SV Angel, Ashton Kutcher - Guy Oseary and A-Grade Investments, and Zelkova Ventures. A number of angel investors also took part including: Kevin Rose, Jon Anderson, Don Baer, Josh Kushner, Dave Morgan, Ben Ling, and David Tisch. Fab.com will use the funds to scale the business, grow its base of designers, expand sales categories, and build more community and engagement features.
Fab.com was launched in June 2011 by CEO Jason Goldberg, formerly of XING AG, socialmedian, and Jobster and co-founder and CCO Bradford Shellhammer, contributor to Dwell and formerly of Blu Dot and Design Within Reach. The Fab.com team is on a mission to enable everyone, everywhere to benefit from good design.
Fab.com is the only online flash sales site and social community devoted entirely to design. Fab.com launches new sales exclusively to its membership 7 days per week and each sale lasts for 72 hours. Fab.com sales provide a new platform for designers to reach a mass audience of consumers, across a wide range of categories including: furniture, lighting, art, kitchen, outdoors, jewelry, gadgets, bags, and items for the workplace. From kites to bikes to maps to iPad cases to planters to lunch boxes, Fab.com features unique design objects not found on other flash sale sites.
Membership is free but numbers are restricted in order to maintain exceptional prices. New members are accepted daily. Members also participate in the Fab.com Inspiration Wall, an online mood board where users upload, share, and comment on design inspirations.
Since launching on June 9, 2011, Fab.com has already struck a chord with design enthusiasts. More than 350,000 people have signed up for the service and its members place more than 1,000 orders per day. More than 50% of Fab.coms members have joined virally via e-mail invites and Facebook and Twitter share links. The website is adding more than 5000 new members per day in July.
Fab.coms founder and CEO, Jason Goldberg, said: Were truly humbled by the way so many people have embraced Fab.com. Our own greatest design is the Fab.com customer experience and were committed to making it better and better. This financing round will go a long way towards building out our vision as the worlds leading resource for design.
Prior to Fab.com, most designers lacked mass-scale means to reach consumers. The Fab.com website site has immediately become a powerful tool for designers, providing a platform for brand new product launches, outreach to a devoted and design minded purchasing base, and a source for them to quickly generate new customers and a high volume of sales. In fact, many suppliers are reporting more sales in a 3 day period on Fab.com than they would otherwise garner in 3 or even 6 full months.
I cant say enough about the platform that Fab.com has given us. Our work typically sells to a very small niche market of design enthusiasts, and our own reach can only go so far. Fab.com exploded our customer base and enabled us to reach an entirely new set of consumers, says Matt Bradshaw, one half of the Silva/Bradshaw design team, of their first sale with Fab.com.
Iconic graphic designer, Milton Glaser, whose first sale was part of Fabs launch day, was able to sell signed posters that would have otherwise never found their way into the hands of design enthusiasts around the country. Our experience working with the Fab team was terrific and enjoyable. There were none of the customary hassles or complexities. And we also made a lot of money, says Glaser, who after a first successful sale signed on for another sale in July.
About Fab.com
Fab.com is design. The Fab.com website offers daily design inspirations and sales of up to 70% off retail. Membership is free but numbers are restricted to maintain exceptional pricing. Members receive exclusive access to daily curated design sales featuring the worlds leading and emerging designers and manufacturers. Fab.com was founded in 2010 by serial entrepreneur Jason Goldberg, formerly of XING AG, socialmedian, and Jobster, with design industry veteran Bradford Shellhammer, contributor to Dwell and formerly of Blu Dot and Design Within Reach in New York, NY, along with Deepa and Nishith Shah in Pune, India and Veerle Pieters in Deinze, Belgium. Fab.coms headquarters are in New York, NY.
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