Design-focused, socially charged ecommerce site Fab announced Wednesday that it has closed a $105 million Series C financing round.
Fab famously pivoted from a gay social network into an ecommerce site with millions of members and doing thousands of sales every single day.
Fab?s growth continues to accelerate. Back in December ? when the company closed a $40 million round of financing ? the site boasted 1.2 million members.
Seven months later, that figure has quadrupled to more than five million members. Fab co-founder and CEO Jason Goldberg told us that the company is now selling 3.4 products per minute.
?We hit on great products that people love,? Goldberg says. He attributes Fab?s continued growth to ?a singular focus on design.? For Goldberg, that focus is both what sets Fab apart from the competition and what keeps customers coming back for more.
So what will Fab do with $105 million of fresh capital?
Goldberg says the company will use the money to improve its shipping times so that customers can get orders more quickly. To do that, the company is working on setting up fulfillment centers in New Jersey and on the West Coast. With any luck, Goldberg says, Fab customers can expect items to ship same-day by the end of the year. Fab is also going to increase the number of items available on the site.
Fab is also going to focus on expanding its footprint into more countries, and is planning to open offices in Japan, Brazil and Turkey.
The focus isn?t just on online retail. Goldberg told us that the company has its sights set on traditional retail too.
Right now, only 5% of retail ? and 3% of Fab?s target market ? takes place online. While Goldberg thinks that more business will shift to the web, he also says believes traditional retail will continue to play a big role.
?Just like Apple reinvented the retail experience for computers, we think we can reinvent the retail experience for design,? Goldberg says. ?Expect to see Fab stores in the future.?
We?re big fans of Fab?s products and its approach to aesthetic and business. We look forward to seeing Fab expand in the future.
Have you ordered from Fab? What do you think about a flash deals site getting into the traditional retail game? Let us know in the comments.
Source: http://mashable.com/2012/07/18/fab-105-million/
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