According to The Wall Street Journal, designer flash sales website Fab.com is raising between $250 million and $300 million. The funding is expected to close in mid-June. Atomico, a venture capital firm created by Skype co-founder Niklas Zennstrom, is leading this round.
Fab.com, a flash sales website that has designer products, is opening up their first brick-and-mortar retail store. The store will be based in Hamburg, Germany rather than New York where Fab.com is based.
Design deals website Fab.com is in the process of raising a new round of funding that would give them a valuation of $1 billion. Fab.com raised $171 million in funding throughout 2012 and this new round is expected to be over $100 million, according to TechCrunch. In the last round of funding, Fab.com was worth around $600 million.
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Fab.com now has around 10 million users. The service is used in 26 countries and they have sold around 4.32 million products thus far. The company had a couple of $1 million days in 2012. Products sold on Fab.com are very unique. Around 90% of their goods cannot be found on Amazon.com. Fab.com sells goods like jewelry, art, and furniture. Around two-thirds of their sales are from repeat customers. The company is not yet profitable, but they did beat their 2012 revenue goal. The company hit around $100 million in 2012 sales and they generated around $150 million total.
Fab.com is a design e-commerce website that has raised around $156 million in total funding. The company has also just raised seven figures from The Times of India’s digital arm. The Times of India is a daily newspaper company based in India and they boast the largest circulation of English-language newspapers around the world. Fab.com acquired an Indian company called True Sparrow last month. Fab.com CEO Jason Goldberg was known for having an existing relationship with executives at True Sparrow.
Fab.com is an e-commerce website that is focused on design. Over the last week, Fab.com sold over $6.5 million worth of product this past week, which is up from $1.7 million during the same period last year. This is up 300% from last year.
Fab.com now has free shipping for orders that are above $75 just in time for the holiday season. You do not need to enter a code and this is not considered a limited time order. The free shipping is not limited to just the United States as it will be spread globally.