A quick update on Pinterest rival Fancy’s massive $26 million round of funding, uncovered via an SEC filing yesterday. Because of the hurricane, the NYC-based team had evacuated the city, making it difficult to track down and speak with the service’s executive staff. Today, that same situation continues, but COO Michael Silverman has at least provided confirmation of sorts, telling us that what the SEC filing says is accurate. Beyond that, there are no more details on why the funding was required or what it will be used for.
Fancy CEO Joe Einhorn is currently without power, Silverman says, as to why the non-response from the startup. But Silverman wanted to pass along some additional news about Fancy’s growth in the wake of the funding reveal. He says the service now has over 2 million registered users and is averaging more than $200,000 in sales per week. For comparison’s sake, that’s up from the million users reported in July, at which time it was seeing $75,000 in sales per week (which was up then from $50K in May).
In addition, the newly launched, subscription-based e-commerce experiment known as the Fancy Box, which offers customers a hand-picked selection of some of the most “fancy’d” items in the category of your choosing for $30/month, now has more than 6,000 subscribers. That equates to $2 million in additional annual revenue for the company, says Silverman. Birchbox, to give you an idea of this market’s current ceiling, has
45,000 100,000 subscribers.
Silverman also pointed to Fancy’s Android numbers. While he declined to provide hard numbers, he did note that Fancy’s download range is competitive with Pinterest and Fab, referencing the data Google makes public in the Play Store. (Pinterest 1M-5M installs; Fab 100K-500K installs; Fancy 1M-5M installs; Third-party source AndroidRank sees 1M for Pinterest; 100K for Fab; and 1M for Fancy).
Fancy has also launched its Fancy Gift Cards ahead of the holiday season, available in denominations of $10-$1,000, as well as a 24/7 customer service chat feature on the website to answer shoppers’ questions.
Fancy (www.thefancy.com) is for curators of style. It’s part store, part blog, part magazine and part bookmarking tool. It’s a place to share and discover great stuff, to curate a collection of things that define your style, to create a museum of Me.