Fab, the once fabulously high-flying billion dollar online retailer, is looking to sell itself. The price is just $15 million, according to TechCrunch. Jason Goldberg, Fab's founder and CEO, admitted in October that the company was burning through $14 million a month. When Fab raised money in July of 2013, the company had a valuation of $1 billion.
Fab began as a gay social network/dating site--but made a heady pivot into retail when it saw some sales being generated amidst the hook-ups. It's a good lesson for those who think Silicon Valley venture capitalists are all-seeing and do no wrong. Some of the biggest names in tech were investors in Fab, including famous firms like Andreesen Horowitz and Menlo Ventures.
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