Times Internet has invested in New York (U.S) based, design focused ecommerce company, Fab.com. Although the exact details of the investment were not revealed, Jason Goldberg, founder & Chief Executive Officer at Fab.com, mentioned in his blog that it was a 7-figure amount. He also said that Fab would be working with Times Internet to explore and execute on its India market strategy in the coming years, and that he had been working with Times Internet CEO Satyan Gajwani for several months.
Fab.com claims to have a user-base of 10 million, and ships to 26 countries. It would be interesting to see how it rolls-out operations in the Indian market, where e-commerce is still at a nascent stage.
It all started in 2010, when Goldberg launched Fabulis, a social networking site targeted at gay men. However, in 2011 when the social networking site did not generate much traction, Goldberg pivoted the business to an eCommerce site for design centric products and renamed the company to Fab.com. Nishith and Deepa Shah of True Sparrow Systems, which was recently acquired by Fab, were co-founders. The site started as a design flash sales website and later pivoted to an everyday design retailer with a strong focus on social, integrating Facebook, Twitter and other networks tightly with the site.
Fab.com had raised $15 million investment from VTB Capital and Phenomen Ventures. Prior to that, it had raised $105 million in a series C financing round led by Atomico to help pursue these goals. Andreessen Horowitz, Menlo Ventures, First Round Capital, David Bohnett’s Baroda Ventures, ru-Net Technology Partners (RTP), Pinnacle Ventures, Docomo Capital, Mayfield Fund, and Troy Carter all participated in the round. Overall the company has raised over $150 million of funding.