Fab Nabs $105 Million in Latest Funding Round

Design flash sale site Fab.com (which now goes simply as “Fab”) has a lot to celebrate: its first full year of operations, in which five million members purchased an average of 3.4 products—from mod chairs and typography-themed t-shirts to artisanal biscotti and Muhammad Ali memorabilia—per minute, and a freshly closed round of venture funding. Led by Atomico (the tech investment firm founded by Skype’s Niklas Zennström), the $105 million in Series C financing will help the company expand operations. At the top of the to-do list: building its own warehouses and amassing inventory to avoid drop-shipping delays. By the time the holidays roll around, the company aims to average just a few days shipping time on all non-custom orders, according to founder and CEO Jason Goldberg. “We believe Fab will both define and dominate its category for years to come,” said Atomico partner Geoffrey Prentice, who will join Fab’s board of directors, in a statement announcing the new financing. “After all, design is everywhere, and design is global.” Fab raised a total of $48 million in two previous funding rounds and in January made its first acquisition: indie fashion marketplace FashionStake.