We’re hearing from multiple sources that design-focused retail site Fab is raising a new round of funding at a $1 billion valuation. The company has previously raised $171 million in funding and we’re hearing it seeks to raise more than $100 million in this round. At Fab’s last round of financing, the company was worth around $600 million.
Twelve million users strong, Fab is continuing to grow at a fast clip after its initial pivot. Last year, the company saw $150 million in revenue, and revealed in February that sales were up by nearly 300% in January 2013 over January 2012. In fact, January was Fab’s 3rd highest sales month ever.
International is also a huge potential growth area for the company. Fab has 1 million members in the UK, which is generating nearly 40% of its sales in Europe and is its fastest growing market outside the U.S. We’re hearing that the company is seeing a lot of investor interest from Asia.
Past investors include Andreessen Horowitz, First Round Capital, SoftTech VC, Menlo Ventures, Baroda Ventures, Ashton Kutcher, Guy Oseary, Thrive Capital, Kevin Rose, SV Angel, The Washington Post and others, including, oddly enough, the Times of India. New funding for the company could mean more acquisitions, new products and new areas of business development in the post-Amazon e-commerce world.
Apparently the company has some big news that will be announced next week, including a slight pivot. Stay tuned.
Article courtesy of TechCrunch