NY Emotional Commerce Startup Fab Raises $150 Million At A $1 Billion Valuation

Fab, NY startup, fundraising

We’ve seen some crazy venture funding, and even crazier valuations, lately. We’ve even some some crazy acquisitions like the $1 billion dollar Tumblr deal.

Unlike some of these other deals though, Fab, a startup that CEO Jason Goldberg calls “emotional commerce,” has customers, revenue, and a big plan for all of the money they just raised. How much was that? Well according to multiple sources the New York based startup raised $150 million dollars at a $1 billion dollar valuation. What’s more is that TechCrunch is reporting Fab has another $100 million dollars on the way.

Investors in Fab’s recent deal included Andreessen Horowitz and Atomico.  New investor, Chinese firm, TenCent is also reported in the deal. This latest round brings their total venture funding up to $310 million.

Why on earth does an e-commerce site need so much money? Well the folks at GigaOm got a hold of this excerpt from a blog post Goldberg plans to post next week.

“Fab is focused on the long term. We are focused on creating “Wow!” shopping experiences that will result in customers making 20+ purchases from Fab within a couple of years. We are focused on being the global brand that represents emotional commerce for decades to come. Fab is not about a single transaction. Fab is about creating Wow! experiences in everything we do, from the unique merchandise we offer, to the user experience on our website and mobile apps, to fast delivery and a delightful out-of-box experience, to the follow-on customer service. We truly believe that it takes investing in Wow! in order to build the next $10B+ E-commerce company, and that’s what we’re doing.”

You can check out Fab here





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