Exclusive - Fab.com, which started out as Fabulis, a social networking site for gay men, has not only recently changed its name but also started from scratch with an entirely new business centered around online flash sales of design items.
We’ve learned that the startup has completed a $1 million early-stage round of funding from investor/actor Ashton Kutcher, SV Angel, SoftTech VC and previous backers First Round Capital, Baroda Ventures and The Washington Post.
Jason Goldberg, serial entrepreneur and founder and chief executive of Fab.com, tells me that the recent change of course has turned out remarkably well for the company.
Only 30 days after the launch of its online design-at-a-discount store, Fab.com has already generated $1.3 million in revenue and already has more cash flowing in than going out with a workforce of roughly 45 employees. A pivot to profitability, in other words.
Since its June 9 debut, Fab.com boasts 300,000 members, with over 3.3 percent of them (10,000+) having made at least 1 purchase through the site, Goldberg claims. Currently, he adds, Fab.com members are purchasing 1,000 items per day on average.
We hear the company is in the middle of closing yet another round of financing, this time in the ‘double-digits’ of millions range, to spur further growth.
Fab is the marketplace for discovering everyday design. Fab was founded by serial entrepreneur Jason Goldberg in February 2011 and launched on June 9, 2011. Fab’s cofounders are Bradford Shellhammer, Nishith Shah and Deepa Shah. Fab’s headquarters are in New York, NY. Fab’s website and mobile apps offer exclusive access to daily curated design sales featuring the world’s leading designers and manufacturers. Fab is a members-only site, but it is free to join. In February 2012, Fab expanded into Europe...
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