Design focused flash sales site Fab.com has raised $40 million in series B funding led by Andreessen Horowitz with existing investors Menlo Ventures, First Round Capital, Baroda Ventures, SoftTech VC, and Ashton Kutcher’s A-Grade Investments participating. We originally reported a few weeks ago that Fab was in the process of raising a major round of funding.
As part of the announcement, Andreessen Horowitz General Partner Jeff Jordan will join Fab’s board of directors. The Wall Street Journal reports that the company was valued at $200 million. This brings Fab’s total funding to $51 million.
Fab.com, which was founded by Jason Goldberg, offers daily sales of categories ranging from home products to jewelry to artwork at up to 70% off retail. The startup has drawn over a 1 million users in just a matter of months. That’s impressive growth for a startup that started an entirely new business centered around online flash sales of design items from scratch in June.
Fab is now averaging $1.4 million in sales a week and saw 100,000 orders in November. The startup is operating profitable and expects to bring in $20 million in revenue in 2011. In October, Fab launched mobile apps for iOS and Android, and made a number of key hires, including Former Etsy VP Beth Ferreira As COO
Fab will use the new funding for further growth and expansion.
Fab.com features daily design inspirations and sales at up to 70% off retail. Fab.com was started by Jason Goldberg, who founded 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.com’s headquarters are in New York, NY. The Fab.com website offers daily design inspirations and sales of up to...
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