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 is on a mission to help people better their lives with design. Fab was founded by serial entrepreneur Jason Goldberg, Bradford Shellhammer, Nishith Shah and Deepa Shah in February 2011 and launched on June 9, 2011. Fab’s headquarters are in New York. The company also has offices in Berlin, London and Pune. Over 6 million people around the world use Fab to discover everyday design products at great prices, to connect with the world’s most exciting designers, and to...