Fab.com, the e-commerce website designed almost like a lifestyle magazine, received $105 million in its third round of funding today.
The round was led by Atomico with participation from Pinnacle Ventures, re-Net Technology Partners, Mayfield Fund, DoCoMo Capital, and existing investors Menlo Ventures, Andreessen-Horowitz, Baroda Ventures, and First Round Capital.
Fab launched in June 2011 and currently has over five million members and sells 3.4 products a minute. The company is using the money to build its technology, speed up shipping times, and increase the number of products available on the website. It will also continue to expand into international markets.
Sponsored by VB
Fab.com launched it’s 3.0 version of the website in May, intended to mimic the experience of window shopping with friends. The homepage grabs items to feature based on an algorithm that watches what the Fab community is interested in. It also introduced a ticker, which lets you watch what people were buying in real time. Pinterest buttons were also included in the launch.
The Fab team chose Atomico, founded by the co-founder of Skype, to lead the round because of a shared love of design. Indeed, Fab’s chief executive Jason Goldberg compares Fab to Skype and Atomico’s other investment, Rovio, saying the three nurture brand relationships.
Fab is available in 20 difference countries and has 400 employees who work in the U.S., Germany, England, Belgium, and India. Fab received its second round of funding, which reached $40 million, in December. The company has raised $157 million in total thus far.
Image courtesy of Robbi, Shutterstock