Fab.com, the incredibly fast-growing marketplace for all things design, has made its first acquisition after raising over $50 million in venture capital. The company this morning announced that it has bought NYC-based FashionStake, a community-curated marketplace for independent designers.
The deal will enable the hundreds of indie designers who’ve sold their collection on FashionStake to date a brand new e-commerce platform to sell, through Fab.com.
We’re on a mission here at Fab to be the world’s most valuable design resource.
In June 2011 we opened our doors and took big strides towards achieving that goal. 7 months later 1.65 million people have now joined Fab. 350,000 new design enthusiasts have signed up in the last 30 days alone. They’ve purchased 750,000 products from us so far. And, it’s just the start.
Financial terms of the FashionStake acquisition were not disclosed. After some digging, I found out that the company raised an undisclosed amount of financing from Battery Ventures and angel investors from the fashion industry in the Summer of 2010.
FashionStake co-founders Vivian Weng and Daniel Gulati will be joining Fab.
If you’re interested in this space, be sure to read Weng’s recent contribution to The Huffington Post: Fashion and Tech and Startups, Oh My!