The Fancy, a New York-based company, which sells items online is said to have raised $53 million funds from investors, including actor Will Smith, the American Express (AXP), billionaire Len Blavatnik, among others. According to Bloomberg, the New York-based company is now said to be valued at $600 million.
This social, photo sharing web store and mobile app was created by Joseph Einhorn (who is also the CEO) in 2009 as Thingd (Thing Daemon, which is now the parent company). Majority of the visitors of the site come from the United States making more than half of its users but the site also has an international following comprising India, china and France, who make about 19.6% of its users.
Reports from Bloomberg indicate that the site, fancy.com, takes in revenue of about $3 million each month. Asked to comment about the funds that they had received, COO of the company Michael Silverman declined to comment but reliable sources say that it could have something to do with their announcement last month that it would begin shipping worldwide due to demand from users who are not from the USA,
This social commerce company faces enormous competition from other like companies for instance, Pinterest and Wanelo among others, so this new cash infusion is probably going to help the company to counter the competition. There are also positive claims that they have registered nearly 8 million users and over 12 million unique visitors across all platforms up until June of 2013. If this trend continues, they are probably doing to be top.
The fancy, does not endorse advertisements, instead, its users post images of the items that they would like to sell and other users indicate their level of liking the item through “fancying” them. The item is then propelled to the front page if it has many “fancies”. The price can be determined by the level its popularity, then the merchants (who are the also users) buy the item. Its main advantage is that the items can be bought without leaving The Fancy’s site.
Let’s watch and see how the Fancy grows, especially after this funding round.