FabFitFun Raises $80 Million Series A Led by Kleiner Perkins Digital Growth Fund
LOS ANGELES--(BUSINESS WIRE)--Jan 30, 2019--FabFitFun, the leading lifestyle membership and subscription commerce company, announced that it has raised $80 million in Series A funding led by Kleiner Perkins, with participation from existing investors NEA and Upfront Ventures. The financing will be used to expand the offerings of the FabFitFun membership, evolve the platform as a marketing partner and launchpad for brands, and fuel the company’s continued global expansion. Kleiner Perkins General Partners Mood Rowghani and Mary Meeker will join as board member and board observer, respectively.
Since launching in 2010, FabFitFun has grown from a newsletter and blog to an expansive lifestyle membership with more than one million members globally. This growth has been driven by FabFitFun’s unique retail engagement platform, which helps consumers discover and learn about lifestyle products in beauty, wellness, fashion, fitness, and more. Members receive offerings each season that are customized to their personal preferences and at extraordinary value compared to retail. They remain engaged in the FabFitFun community through a host of immersive and informative content, including live TV, social media, daily lifestyle recommendations, and seasonal sales where members can shop premium and emerging brands.
“Our mission is to inspire happiness and well-being, and we hear from our members every day about how we’ve done that and so much more,” said Daniel Broukhim, Co-founder & Co-CEO. “People from all over the world come to FabFitFun to discover new products and they remain engaged because of our interactive community and one-of-a-kind experiences.”
In addition to its special value proposition for consumers, FabFitFun provides brands with powerful new methods to discover and engage with their audiences. Each season, FabFitFun designs customized programs for its partners, including access to celebrity/influencer networks and curated product events. These initiatives generate hundreds of millions of targeted impressions and allow brands to develop more intimate and enduring touchpoints with their end users.
“FabFitFun has emerged into an exciting and entirely new distribution channel that brings retail to the platforms where consumers are most engaged,” said Mood Rowghani, a General Partner at Kleiner Perkins. “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.”
Founded in 2010 by Co-CEOs Daniel and Michael Broukhim and Editor-in-Chief Katie Rosen Kitchens, FabFitFun is a lifestyle membership that inspires women to lead happier, healthier lives through product and brand discovery. Its flagship product, the FabFitFun Box, delivers a curated collection of full-size products across beauty, fashion, wellness, fitness, home, technology and beyond - to more than one million members - each season. In addition to the box, FabFitFun members receive access to FabFitFunTV, a streaming video service offering on-demand wellness videos, daily lifestyle content, the FabFitFun online Community and year-round exclusive sales and shopping experiences. Join FabFitFun by visiting fabfitfun.com.
About Kleiner Perkins
For five decades, Kleiner Perkins has partnered with some of the most ingenious founders in technology and life sciences, helping them make history with their bold ideas. Through twenty venture funds and four growth funds, we’ve invested $10 billion in hundreds of companies including pioneers such as Amazon, Genentech and Google. Today, Kleiner Perkins continues to invest in founders and their bold ideas helping them to make history. For more information, visit http://www.kleinerperkins.com and follow us @kpcb.
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CONTACT: Michelle Kim
Head of Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: WOMEN ONLINE RETAIL RETAIL COMMUNICATIONS COSMETICS FASHION PUBLIC RELATIONS/INVESTOR RELATIONS CONSUMER
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PUB: 01/30/2019 11:00 AM/DISC: 01/30/2019 11:01 AM