The Fancy raises $53 million
The social network with a tilt toward e-commerce has raised $53 million from investors such as American Express, billionaire Len Blavatnik and U.S. actor Will Smith. Valued at 600 million dollars according to Bloomberg, the website’s investors already include rapper Kanye West, Facebook founder Mark Zuckerberg, the founder of Twitter Jack Dorsey and Kering (formerly PPR), which has reportedly invested 10 million euros.
These funds will be used to facilitate the development of the New York start-up, whose monthly revenues now exceeds $3 million. In December, the site’s vice-president France, Paul Dupuy, told the Journal du Net that the website was looking for a logistics partner to roll out The Fancy in Europe.
The Fancy lets users share snapshots of products, which they can then buy, sell or simply share. But the social network goes beyond just a system of followers, functioning as real search engine according to product type, brand, color and price. The concept is powered as much by the website users as the brands themselves. The website retains about 10% of sales. Launched in 2009, the company now has more than three million subscribers.
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