Jason Goldberg, CEO at FabFab 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.
Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.
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