Fab (website)

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Fab.com, Fab
Fab.com
Web address fab.com
Type of site
design, e-commerce
Registration Required
Available in English, German
Created by Jason Goldberg
Launched June 9, 2011
Alexa rank
negative increase 3,213 (April 2014)[1]
Current status Online

Fab is an e-commerce company for all price points and different markets.[2] It grew from 175,000 members in June 2011, to over 10 million as of December 2012.[3][4][5] As of April 30, 2013, Fab has disclosed that it receives 6 million unique visitors per month and have sold over 7 million products since launch.[6] Fab is headquartered in Manhattan and operates a warehouse in Keasbey, New Jersey. The company has office locations in NYC, Pune (India), and Berlin.

History[edit]

Fab was founded in February 2010 by Jason Goldberg (formerly of XING AG and Jobster) and chief designer Bradford Shellhammer. The site was originally created as a social network for gay men and their friends before pivoting on June 9, 2011 into its model of daily design inspirations and sales.[7][8] In November 2011, five months after re-launching, Fab reached 1 million members. The company reached this number faster than Facebook, Twitter and Groupon.[9][10] In September 2012, Fab removed the membership requirements to browse the site.[11] In December of 2012, Fab passed 10 million members, up from 7.5 million members in September. Fab also announced it had sold more than 4.3 million products since its launch, averaging 5.4 products sold per minute.[12] In July 2013, fab eliminated 100 positions at its Berlin office as a profit-building measure. Fab laid off 101 more staff, primarily at its New York office in October 2013, further reducing their workforce by 19 percent.[13]

Acquisitions[edit]

Fab made its first acquisition in January 2012 when it purchased independent fashion retailer FashionStake.[14] In February 2012, Fab purchased German flash sales website Casacanda.[15] Four months later they acquired UK company Llustre.[16]

Social commerce[edit]

Fab promotes social commerce.[17] The company maintains an Inspiration Wall where members can upload and share design inspirations.[18] In December 2011, Fab introduced its “Live Feed”, which enables users to share what they are buying, liking, and tweeting on Fab.com.[19] In January 2012, Fab was among Facebook’s initial partners as part of its integration of social tools through the Facebook Timeline.[20] The company also employs a mobile first strategy with its digital products, with an emphasis on iPad and iPhone, and released a custom mobile app in October 2012.[21]

Funding[edit]

Less than two months after launching in June of 2011 Fab secured an $8 million funding round led by Menlo Ventures with existing investors including First Round Capital, Baroda Ventures, The Washington Post, Founder and CEO Jason Goldberg, SoftTech VC, SV Angel, Ashton Kutcher, Guy Oseary and A-Grade Investments, and Zelkova Ventures also participating.[22][23] In December 2011, Fab.com raised a $40 million round of funding led by investment firm Andreessen Horowitz, bringing its total funding to over $51 million.[24]

Fab's largest round of funding, $105 million, occurred shortly after its 1 year anniversary in July 2012. The Series C round was led by Atomico with the following previous investors also participating: Andreessen Horowitz, Menlo Ventures, First Round Capital, Baroda Ventures, ru-Net Technology Partners (RTP), Pinnacle Ventures, Izurium Capital, Docomo Capital, and Mayfield Fund.[25][26]

References[edit]

  1. ^ "Fab.com Site Info". Alexa Internet. Retrieved 2014-04-01. 
  2. ^ "Flash Sales Site Fab.com Raises $8 Million to Be a Step Up From Etsy - Tricia Duryee - Commerce". AllThingsD. 2011-07-26. Retrieved 2012-08-19. 
  3. ^ John Furrier (2012-04-18). "How Fab.com Brainwashed Me Into Broadcasting What I Buy". Forbes. Retrieved 2012-08-19. 
  4. ^ "Fab Promotes Maria Molland to Chief European Officer". betashop. Retrieved 2012-08-19. 
  5. ^ Bruning, Sarah (2012-07-31). "Cool NYC companies: Behind-the-scenes office tour of Fab". Timeout.com. Retrieved 2012-08-19. 
  6. ^ "5 Big Fab Announcements". Jason Goldberg. Retrieved 2013-06-18. 
  7. ^ Penenberg, Adam L. (2012-05-16). "Fab.com: Ready, Set, Reset!". Fast Company. Retrieved 2012-08-19. 
  8. ^ Ankeny, Jason (2011-10-18). "Fab Forward: How Fab.com Found a Niche in a Design Deal Social Hub". Entrepreneur.com. Retrieved 2012-08-19. 
  9. ^ Courtney Boyd Myers (2011-11-14). "In just 5 months, Fab snags 1 million members". The Next Web. Retrieved 2012-08-19. 
  10. ^ "Fab.com’s fabulous pivot work=The Wall Street Journal". 
  11. ^ Duryee, Adam L. (2012-09-13). "Fab.com No Longer for Members Only, as It Opens Up Site to All Visitors!". All Things D. Retrieved 2012-08-19. 
  12. ^ Template:Cite web last=Fiegerman
  13. ^ Frier, Sarah. "Fab.com Cuts 101 Jobs as E-Commerce Site Aims to Turn Profit". Bloomberg. Retrieved 5 October 2013. 
  14. ^ Lydia Dishman (2012-04-18). "Absolutely Fab: Fab.com Buys FashionStake". Forbes. Retrieved 2012-08-19. 
  15. ^ Monday, February 20th, 2012 (2012-02-20). "Fab Buys Casacanda For $11M To Fight The Samwers In Europe". TechCrunch. Retrieved 2012-08-19. 
  16. ^ "Fab.com Enters UK Market with Llustre Acquisition". Inc.com. 2012-06-19. Retrieved 2012-08-19. 
  17. ^ Aug 16, 2011 - 5:00AM PT (2011-08-16). "500,000 users in 10 weeks: what worked for Fab.com — Tech News and Analysis". Gigaom.com. Retrieved 2012-08-19. 
  18. ^ "Fab.com Further Integrates Social Commerce With Inspiration Wall V2". betashop. Retrieved 2012-08-19. 
  19. ^ Alicia Eler (2011-12-16). "Fab.com: The Social Shopping Experiment That Actually Works". Readwriteweb.com. Retrieved 2012-08-19. 
  20. ^ Delo, Cotton (2012-01-19). "Facebook Branches Out Past 'Likes' with 60 New Lifestyle Apps | Digital - Advertising Age". Adage.com. Retrieved 2012-08-19. 
  21. ^ Leena Rao (2012-10-11). "Fab Reinvents iPhone And iPad Apps With Social Commerce, Streamlined UI, Search And More". techcrunch.com. Retrieved 2012-08-19. 
  22. ^ "Design Sales Site Fab.com Hits 350,000 Members, Raises $8M To Celebrate". TechCrunch. July 26, 2011. 
  23. ^ "Fab.com, profitable at 6 weeks old, nabs an $8M Series A". VentureBeat. Retrieved 2012-08-19. 
  24. ^ Furman, Phyllis (December 8, 2011). "Fab.com scores $40 million in funding". New York Daily News. 
  25. ^ "Fab Just Raised $105 Million of New Financing to Help People Better Their Lives With Design". betashop. Retrieved 2012-08-19. 
  26. ^ Monastyrsky, Zyuba, Stepanov & Partners Law Firm

External links[edit]