Design-oriented flash sales site Fab has raised $105 million in new funding, the company announced today. The news was first reported by the Wall Street Journal and was subsequently confirmed by Fab CEO Jason Goldberg in a detailed blog post.
You can’t say we didn’t warn you: TechCrunch editor extraordinaire Alexia Tsotsis reported just over a month ago that Fab was raising some $100 million in new funds at a $700 million pre-money valuation.
At that time, Alexia reported:
In addition we’re hearing (we keep hearing things) that VC firm Atomico has already expressed interest in dropping $50 million into the pot, and existing investors have committed to $25 million.
It now looks like that was pretty on-point, and that Fab got just about what it was looking for. This new round, which was indeed led by London-based VC Atomico Ventures, reportedly values Fab at some $600 million. Bringing on Atomico as an investor is meant to help Fab scale out its international presence, Goldberg wrote in his blog post.
Also participating in the round were existing investors Andreessen Horowitz, Menlo Ventures, First Round Capital, David Bohnett’s Baroda Ventures, ru-Net Technology Partners (RTP), Pinnacle Ventures, Docomo Capital, Mayfield Fund, and Troy Carter.
This round serves as Fab’s Series C, and brings its total outside investment to nearly $160 million. It’s a major step up in size from Fab’s $40 million Series B round which closed just this past December.
Much like a marriage, a nine-figure VC investment is not to be entered into unadvisedly or lightly. In his blog post, Goldberg made a point of tempering the flashy funding announcement with a statement of Fab’s grounded focus, writing:
“As we raise this enormous amount of money, we do it humbly. We’re just lucky and fortunate to be able to get up each day and do what we love and help people smile and laugh through design. It’s an amazing opportunity and a ton of responsibility that we take very seriously.”
This news is breaking right now, so we’ll be updating this post as more information comes in. Meanwhile, you can check out my backstage interview with Goldberg after his on-stage chat with Alexia at Disrupt NYC in May: