The Fancy Raises $53 Million At A $600 Million Valuation
The Fancy is a social photo sharing website and mobile application that was created by Joe Einhorn. The company is essentially a “part store, blog, magazine, and wish list.” The Fancy’s largest rival is Pinterest, a virtual pinboard company, that has a valuation of nearly $2 billion and has raised $338 million. The Fancy has raised $53 million in funding from American Express, Len Blavatnik, and Will Smith at a $600 million valuation. The Fancy reportedly is hitting around $3 million in revenues per month.
The Fancy has seen tremendous growth since last year. The company acquired Samplrs this past February. They previously raised $26 million in funding in October 2012 from LeRoy Kim, Kim Pallota (Boston Celtics owner), Jack Dorsey (Twitter and Square co-founder), Franscois-Henri Pinault (CEO of French company PPR), and Edward Gilligan (American Express president). In August 2012, there were rumors floating around that Apple wanted to buy the company.
Through this funding round, Gilligan joined the board of directors. According to Bloomberg, he joined Dorsey and Pinault on the board. The Fancy used to be called Thing Daemon Inc.
How The Fancy Works
Products are posted on The Fancy by people who have found interesting items on the web. Users of the service can “fancy” those items and the popular items hit the homepage. The items can also be purchased without having to leave The Fancy’s website, which dramatically drops the bounce rate for The Fancy.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry