FabFitFun

LOS ANGELES FabFitFun just wrapped up $80 million in Series A funding.

Kleiner Perkins led the round, which also included existing investors New Enterprise Associates and Upfront Ventures. The deal adds Mood Rowghani, Kleiner Perkins general partner, to the FabFitFun board.

The round adds on to a previously raised $6.5 million. In October, the company disclosed it hit the 1 million mark on its box subscriber membership and also said it would again double revenue for the year. It declined to cite a specific revenue figure, but it reportedly is now past the $200 million mark. The company last disclosed to WWD revenue of $42 million in 2016.

The new capital will be deployed in a number of ways. The company is not getting into the specifics of those strategies other than to say big-picture efforts will include a continued push on the global front and iterations on what the company’s able to offer the brands it works with beyond the subscription box the business is known for.

FabFitFun, started in 2010, also includes an online magazine and FabFitFun TV.

“I think one of the main things we’re trying to think through is how we create these one-of-a-kind experiences for our consumers,” said cofounder and co-chief executive officer Daniel Broukhim.

FabFitFun winter 2018

The FabFitFun winter 2018 box.  Courtesy Photo

The company in more recent years, like many brands, has been experimenting with different offerings offline. That’s included pop-up shops allowing consumers to build their own boxes and a mini conference last year, called the FabFitFun Founder Collective, in Bel Air, Calif.

Broukhim confirmed the company will continue to test the pop-up offerings and is looking at another conference this year.

On the back end, the company continues to get smarter when it comes to personalization and the hiring of data scientists is another avenue that will benefit from the new funding.

The executive team is ambitious in their broader goal. The idea is to have “FabFitFun for everyone,” cofounder and co-chief executive Michael Broukhim said, with personalization seen as the key to continue growing the consumer base.

Daniel said the company is in the midst of working on services that “could expand the scope of the membership,” although declined to provide further details.

On growth outside of the U.S., the executive pointed out the company is currently in Canada and now in the “early innings of assessing” further global expansion.