Fab, ‘The World’s Alternative To Amazon And Walmart,’ Could Now Be A Billion-Dollar Company with $150 million revenue

April 24, 2013 Leave a comment

Fab, ‘The World’s Alternative To Amazon And Walmart,’ Could Now Be A Billion-Dollar Company

Megan Rose Dickey | Apr. 23, 2013, 9:43 AM | 1,136 | 2

Fab is reportedly raising a massive round at a $1 billion valuation, just as it’s gearing up to announce its next pivot. The round is expected to be more than $100 million, TechCrunch’s Leena Rao and Alexia Tsotsis report. Fab has already raised $171 million in funding, but the highest valuation it received prior to this round was $600 million. Last year, Fab saw $150 million revenue, with sales growing nearly 300% from January 2012 to January 2013. Since it’s first pivot from a social network for gay men to a design flash sales site, Fab has grown to more than 11 million members. Fab also has great retention, with repeat buyers making up 67% of its daily sales. As Fab gears up to pivot, it will have a nice chunk of cash to fuel its next move. Fab’s previous investors include Andreessen Horowitz, Menlo Ventures, SoftTech VC, First Round Capital, Kevin Rose, SV Angel, and many others. Business Insider has reached out to Fab CEO Jason Goldberg and a couple of Fab’s previous investors. We will update this story if we hear back.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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