Pinterest has a new competitor on the market. Raising 26.4 million in new venture capital funding, Fancy, website that lets people buy directly from its site, has a lot to be proud of. It’s unsure who will be participating in the next fundraising round, but American Express vice president, Ed Gilligan is listed as a new board member.
Fancy is being backed by board members Twitter and Square founder Jack Dorsey, Facebook co-founder Chris Hughes and French luxury conglomerate PPR. With addition to American Express (if they join the bandwagon), Fancy can be a leader as a social shopping and discovery site.
Fancy launched in February. It is a site that allows users to “fancy” items that they like, similar to Pinterest. Fancy has a special quality with it’s product data which it matches to fancied items. Fancy allows it users to purchase the items through the website. On the outside, Fancy can be mistaken for a Pinterest clone, but gives users the unique ability to purchase the items as well as offer a small commission to those who share the item of purchase. This gives many markets a new outlet to sell their product.
It is rumored that Fancy’s site as a possible acquisition for Apple. Mark Zuckerberg became a user of Fancy in June and could be a possible buyer as well. With the millions the company raised in the most recent years, they may just stay independent for a long time. Word has yet to come from the Fancy offices due to the inclement weather from Sandy.
Signed, Shanika Simmons