In February 2011 Bradford Shellhammer and I shut down our fledgling social network to start a new business around our common passion: Design. Together with Deepa and Nishith Shah and Veerle Pieters, we set out to build the world’s most compelling marketplace for everyday design.
From the beginning, the Fab formula has been to combine the best designed website and apps, featuring the world’s most exciting product designers, backed by best-in-class operations, supply-chain, and customer service — all designed to make people smile by delivering everyday design inspirations across every product category at great prices. We also dared to question the way e-commerce is done. We’re fun. We’re quirky. We’re colorful. We’re modern. We’re social. We’re mobile. We’re rethinking e-commerce from the ground up.
Fab launched to the public in June 2011 and one year later the enthusiasm of our members has miraculously propelled Fab to be one of the fastest growing e-commerce companies on the planet. Fab’s more than 5 million members have purchased 3.4 products per minute from more than 5,000 designers and Fab now delivers smiles to people in more than 20 countries.
Along the way, our Fab team has grown to consist of 400 of the most passionate design lovers in the world, with offices in Berlin, Deinze, London, New York and Pune. Of all the things that we have accomplished in our first year, building this incredible team and watching them embrace the Fab mission and make it their own has been most rewarding.
And, yet, we’re just getting started.
Today marks a major milestone in our journey.
Geoff Prentice from Atomico will be joining Fab’s Board of Directors. Welcome Geoff!
Also joining the round are: Andreessen Horowitz (who led our Series B round), Menlo Ventures (who led our Series A round), First Round Capital (who led our Seed round), David Bohnett’s Baroda Ventures (who has participated in every round of Fab financing, ru-Net Technology Partners (RTP), Pinnacle Ventures, Docomo Capital, Mayfield Fund, and Troy Carter.
So, you’re probably asking yourself: What the heck is Fab going to do with $105 million?
Here’s just some of what we’ve got planned:
- We’re gonna keep doing what we’re already doing: Focus each day on making our customers smile. We really do believe that if we focus first and foremost on making people smile, lots of money and opportunity will fall out over time. This extends to the technology we develop, the products we sell, and the operations and supply chain we put behind it. It’s all about making people smile. We don’t choose products to sell on Fab based on revenue and margins, we just focus on the Fab smile quotient: The ratio of shares and wows to views. That drives our business.
- One of the things we’re working the hardest on is speeding up our ship times. We know all too well that the last thing you want to do is wait more than a couple of days for your next great design find to reach your home or workplace. That’s why we’re literally investing millions of dollars into building Fab warehouses and taking Fab inventory, all towards averaging just a few days on all non-custom orders by end of this year. You will start to see dramatic improvements month-by-month the rest of this year as we work towards this, and by the holidays we are going to enable hundreds of thousands of the world’s best designs to ship out lightening fast. We’re committed to getting this right.
- We’ll be dramatically increasing the number of products available on Fab each day. We’ve already been making great progress on that this year, going from 2500 unique products on Fab at the end of 2011 to nearly 10,000 per day now. We’ve got even bigger plans to have tens of thousands of products on Fab in the near future, all easily discoverable and fun to find. We want people to be able to turn to Fab for any design need, be it a sofa, chair, lamp, bed sheet, flatware, poster, a pizza T-Shirt or a jellyfish aquarium, or whatever makes you smile.
- We’ll be investing even more in our core differentiators, including: Developing all of our own Technology, launching new innovations in Social and Mobile, growing our Designer Network of more than 5000 designers, bringing even more unique and exclusive products onto Fab, and furthering our Supply Chain expertise and capabilities. We’ve got a number of major projects underway that will position Fab even more as the leading innovator in e-commerce.
- ￼We’ll continue expanding our global footprint. We anticipate that 20% of Fab’s revenue in 2012 will come from outside the U.S. Today we’re selling in the U.S., Canada, and 18 EU countries. In 2013 we’ll be venturing into additional markets. And, by 2014 we expect more than half of our revenue to come from outside the U.S.
As we raise this enormous amount of money, we do it humbly. We’re just lucky and fortunate to be able to get up each day and do what we love and help people smile and laugh through design. It’s an amazing opportunity and a ton of responsibility that we take very seriously.
Smile, you’re designed to.
Jason & The Fab Team
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