FabFitFun raises $80 million in Series A funding
FabFitFun has raised $80 million in Series A funding, which the company said will be used to expand FabFitFun's membership offerings, evolve its platform as a marketing partner and launchpad for brands, and fuel the company’s continued global expansion.
This new capital comes as the company, which has grown from a newsletter to a lifestyle product subscription service and community since its launch in 2010, recently hit one million members.
The funding was led by led by Kleiner Perkins, with participation from existing investors NEA and Upfront Ventures. As part of the round, Kleiner Perkins general partners Mood Rowghani and Mary Meeker will join the company as a board member and board observer, respectively.
Through its subscription service, the company exposes members to a seasonal offering of lifestyle products in categories like beauty, wellness, fashion, and fitness, with selections customized to their personal preferences and discounted prices compared to standard retail values. The company also engages with its subscribers year round through its community channels, which include TV and social media platforms.
In addition to serving its customers, this business model also offers a range of benefits to the company's selected brands – each FabFitFun season provides access to celebrity and influencer networks as well as curated product events, which "generate hundreds of millions of targeted impressions and allow brands to develop more intimate and enduring touchpoints with their end users," according to the company.
“FabFitFun has emerged into an exciting and entirely new distribution channel that brings retail to the platforms where consumers are most engaged,” said Rowghani in a press release. “The company's personalized connection with its community allows brands to better understand and interact with consumers - establishing a long-term relationship rather than simply a transaction."
Recently, the company has also been experimenting with physical spaces, opening a pop-up shop in Los Angeles in March of last year.
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