Fresh Capital

Fab Raises Another $105 M. from a Skype Cofounder Just Seven Months After Locking Down a $40 M. Series B

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A scant seven months after Andreessen Horowitz “plowed” $40 million into Fab at a $200 million valuation, the pivot-happy flash sales site for design items just announced a massive Series C. The company closed a $105 million round led by Atomico, an international investment firm out of London run by Skype cofounder Niklas Zennström. The Wall Street Journal, which broke the news, says the new round values Fab at $600 million.

Yes, folks, that’s a 200 percent jump in valuation in seven months. We bet even Fab doesn’t sell a sleek-enough vessel to hold all that (theoretical) dough.

In a press release, Fab said ru-Net Technology Partners (RTP), the international fund backed by Russian billionaire Leonid Boguslavsky–with an office in New York City!–also participated. As did Palo Alto’s Pinnacle Ventures and DoCoMo Capital and Mayfield Fund. (It’s worth noting that Mayfield previously backed another flash sales venture, the troubled startup BuyWithMe, which was acquired by Gilt Groupe, the mother of flash sales sites, after major layoffs. Gilt Groupe, of course, later faced its own brutal round of layoffs.) Existing investors, including Andreessen Horowitz, First Round Capital, Menlo Ventures, and Baroda Ventures also participated. Read More