Report: The Fancy Getting $53 Million From American Express and Will Smith
Get the working capital your business needs from Entrepreneur Lending, powered by CAN Capital. Learn More »
Credit card company American Express and actor Will Smith are apparently sinking $53 million into online retail service The Fancy, according to a Bloomberg report that cites anonymous sources familiar with the matter.
The Fancy is a site that collects the quirkiest, coolest things from around the web and allows users to purchase them. The items range in value and price -- from $5,000 rocking chair beds to $5 bamboo paper straws. The site also offers $40 "Fancy Boxes" that contain a random mix of stuff based on your preferences.
The site brings in about $3 million in revenue per month and has lots of support from celebrities (Pink, Ashton Kutcher, Jennifer Love Hewitt, etc.) who sponsor their own monthly Fancy Box subscriptions. The celebrity appeal could be how Will Smith became interested in investing in the company. We're reaching out to The Fancy for confirmation and more details about its new round of funding.
Bloomberg's sources estimate that the site is valued at $600 million. The New York-based startup has previously raised $59.4 in funding from General Catalyst Partners, Jack Dorsey, PPR SA, and others.