Quantcast

Tuesday May 21, 2019


Warning: Use of undefined constant sfire_topic_count_text - assumed 'sfire_topic_count_text' (this will throw an Error in a future version of PHP) in /nas/content/live/nyconvergence/wp-content/themes/nyconvergence-3/functions.php on line 188

Design Sale Site Fab Gains Large Traction Since June Debut

When Fab founder Jason Goldberg realized that his idea for a “gay social network mashed with a gay Groupon,” wasn’t gaining traction, he decided to transform the company into a home decor and design sale site. The website’s current version, which was relaunched in June, took off almost immediately, according to Business Insider.

Fab grew to 240,000 users and steadily rose by 5,000 users per day, attracting Ashton Kutcher, SoftTech VC and SV Angel as investors, who invested ahead of a larger $7.7 million round of financing led by Menlo Ventures, BI mentions. In two months time, users nearly doubled to 500,000, and is now servicing around 900,000 users, with a healthy annual revenue of $50 million.

 

“We’re growing really fast at Fab.com– adding 200,000 new members the past 30 days alone, and processing ten thousand plus orders per week,” the company wrote on its blog.

 

According to BI, Goldberg attributed the success of his company to three primary components: the products Fab sells, the site’s design, and the social experience inherent in the company’s DNA.