Gay Social Network Fab.com Raises $8 Million
Fab.com is a social network for gay men that used to be known as Fabulis. Fab.com has raised $8 million in Series A funding.
The Series A funding was from Menlo Ventures, First Round Capital, Baroda Ventures, The Washington Post, Jason Goldberg, SoftTech VC, SV Angel, Ashton Kutcher, Guy Oseary, A-Grade Investments, and Zelkova Ventures. Angel investors in this round included Kevin Rose, Jon Anderson, Don Baer, Josh Kusher, Dave Morgan, Ben Ling, and David Tisch. Fab.com’s seed round of funding was $1 million from Ashton Kutcher, SV Angel, SoftTech VC, First Round Capital, Baroda Ventures, and The Washington Post.
Fab.com has daily design inspirations and flash sales that provides 70% off of the retail cost. Membership to Fab.com is free, but the number of users are capped to maintain the low prices. Fab.com launched on June 9, 2011 and they have 350,000 registered users. Fab.com reported a profit of $1.3 million in the first 30 days of the debut. The company currently has about 45 employees.@amitchowdhry or on Google+ at +AmitChowdhry