Fab.com, a NYC-based website for design inspiration and sales, has closed a $40m Series B funding.
The round was led by Andreessen Horowitz, with participation from existing investors Menlo Ventures, First Round Capital, Baroda Ventures, SoftTech VC, and Ashton Kutcher – Guy Oseary and A-Grade Investments.
The company intends to use the funds to grow the business in 2012, with new investments in operations, technology, social commerce, and product expansion planned.
In conjunction with the funding, Andreessen Horowitz General Partner Jeff Jordan will join Fab.com’s board of directors.
Launched in June 2011 by CEO Jason Goldberg, each day, Fab.com presents its members with a collection of design sales across dozens of categories ranging from home products to jewelry to artwork to apparel to workplace to toys and outdoors products, all at discounted prices.
The web site has been joined by 1.2 million people. Membership is free, but the company maintains an invitation-only environment.
FinSMEs
08/12/2011