Fab.com’s $300 million fundraiser
The furnishings and fashion website is currently in talks to raise 250 to 300 million dollars in a transaction that would value Fab up to a billion dollars.
That is the story being reported by the Wall Street Journal, citing sources familiar with the negotiations. The deal would be led by Atomico, the investment fund of Skype co-founder Niklas Zennstrom, which already raised $105 million for Fab.com in June. The current fundraising round is scheduled to wrap up by mid-June, a major initiative, says the newspaper, describing a high-growth company but one that is still unprofitable.
Fab.com started as a gay social network but shifted over into e-commerce two years ago. The website’s generated $125 million in sales last year and is expected to earn $250 million this year, relying on its 12 million subscribers, more than double the 5 million it had in July 2012.
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