FabFitFun, a US-based lifestyle membership company backed by retail real estate developer Simon Property Group, secured $80m in a series A round led by venture capital firm Kleiner Perkins yesterday.
Fellow VC firms New Enterprise Associates (NEA) and Upfront Ventures also participated. They had co-led the company’s $3.5m seed round in 2015, investing with Simon Property Group subsidiary Simon Ventures as well as Rachel Zoe Ventures, 500 Startups, Draft Ventures and assorted angel investors.
Founded in 2010 as a lifestyle newsletter and blog, FabFitFun has since evolved into a fully-fledged female-focused lifestyle media company with products and activities including a subscription box, seasonal online sales, a wellness-focused streaming service and daily lifestyle recommendations.
Brands can use the company’s tools to engage with their customers, access celebrities and social media influencers, and organise curated product launches. It has accumulated more than 1 million members worldwide.
The funding will enable FabFitFun to expand its offering, build out its marketing platform and drive global expansion activities. Mood Rowghani and Mary Meeker, partners at Kleiner Perkins, will join its board of directors as a member and observer respectively.
Daniel Broukhim, co-founder and co-chief executive of FabFitFun, said: “Our mission is to inspire happiness and well-being, and we hear from our members every day about how we have done that and so much more.
“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.”
