Nine years after launching its online magazine, and three years after diversifying into the subscription box business, FabFitFun has raised $80 million in a growth round of funding led by Kleiner Perkins with participation from its previous investors Upfront Ventures and NEA.
The Los Angeles-based company has steadily expanded its retail and lifestyle empire through subscription boxes, video… and even an augmented reality app.
Last year the company crossed $200 million in revenue and managed to net over 1 million subscribers for the service.
In a statement the company said the new financing would be used to expand FabFitFun membership offerings and consolidate its position as a marketing partner and platform for brands.
As a result of the investment, Kleiner Perkins general partners Mood Rowghani and Mary Meeker will join as board members and observers, respectively.
It’s been a long ride for co-founders Daniel and Michael Broukhim and Katie Rosen Kitchens. From a newsletter and blog to the subscription box to the launch of live programming last year.
For brands, the pitch is a new way to find customers and engage with them. The seasonally curated boxes and special exclusive co-branded box opportunities with Los Angeles’ pool of influencers results in hundreds of millions of targeted impressions, 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 Mood Rowghani, a General Partner at Kleiner Perkins, in a statement. “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.”
Source: TechCrunch
