In many ways, 2011 was the year of the pivot. One startup that successfully switched gears was Fab, which started the year as a gay social network and ended it a design-oriented e-commerce site. Founder Jason Goldberg created the Fab Timeline slideshow below to illustrate all the changes the company has gone through, from its pivot in February to raising $8 million in July, another $40 million in early December, and growing all along the way.
But one slide in particular caught my eye. It shows Fab’s order growth shooting up from just above 20,000 orders in July to about 40,000 in September and then jumping to nearly 100,000 in November. Orders in december continues to climb, Goldberg tells me, and the company is on an annualized revenue-run-rate of almost $70 million.
Of course, that is annualized based on December, which is the best month of the year for retail. But that implies Fab will do almost $6 million in revenue this month alone. A lot of people were introduced to Fab this holiday season, and if they like what they got they will return next year to shop some more. Fab’s ambition is to become the “Amazon.com for design.” Its investors are betting that it can get there and turn that 100,000 orders a month into a million orders a month and more.
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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