Wednesday, June 19, 2013
Fab.com Investment, Faith In Team, Pays Off For Baroda
Being a seed investor is a tough job--being early to a company doesn't necessarily mean you'll see a return--and it's usually a long road to see any reward. But, it looks like being a seed investor has paid off for at least one local investor, Baroda Ventures, the venture capital investment fund owned by GeoCities founder David Bohnett. Baroda was a very early investor in Fab.com, which just today raised $150M in funding at a $1 billion valuation. That funding is just the first part of a Series D funding by Fab expected to complete in the next few months. Fab.com is an online fashion and flash sales site, which has a huge following both here in the U.S. and oversease. Baroda had been a seed investor way back when Fab was known as Fabulis, and was focused on creating a social network for the gay community. Fab.com pivoted into an e-commerce site in February of 2011, after nearly shutting down and returning its money to its seed investors.