Design site Fab.com is reportedly raising between $250 million and $300 million, according to The Wall Street Journal.
It’s not a done deal, but it’s expected to close by mid-June, according to the WSJ’s sources.
Existing investor Atomico is expected to lead the round. Last July, Atomico led Fab’s $105 million round, valuing the company at $600 million.
If the new deal goes through, Fab would be valued somewhere north of $1 billion. Fab has already raised $171 million, so the new round would mean Fab has raised more than $420 million. That’d be nearly double than the $221 million Gilt Groupe*, one of the largest private companies in the e-commerce sector, has raised.
Last month, rumours of Fab raising a massive round at a $1 billion valuation surfaced as the company geared up to announce its latest pivot. Fab held a press event in New York about a week after TechCrunch reported the company was looking to raise more than $100 million. But the event solely focused on Fab’s third pivot to become the world’s leading design site.
As part of the pivot, Fab launched exclusive products built in-house, custom furniture, and its first retail store in Hamburg, Germany. The goal is to become the world’s alternative to Amazon and Walmart.
We have reached out to Fab and will update this story if we hear back.
Disclosure: Gilt Groupe’s co-founder, Kevin Ryan, is Business Insider’s co-founder and Chairman.