Beverly Grove-based fitness subscription company FabFitFun Inc. announced Jan. 30 it secured a $80 million Series A led by Kleiner Perkins Caufield & Byers.
This latest round brings FabFitFun’s total capital to roughly $94 million since its 2010 launch and the company reports it will use the funds to expand membership offerings and “fuel global expansion.”
“People from all over the world come to FabFitFun to discover new products and they remain engaged because of our interactive community and one-of-a-kind experiences,” Chief Executive Daniel Broukhim said in a statement.
FabFitFun is locally backed by Santa Monica-based venture capital firms Upfront Ventures, Wonder Ventures and Anthem Ventures, alongside Beverly Hills-based M13. Barak Diskin, founder of Baldwin Hills headquartered loungewear manufacturer MeUndies Inc., has invested private capital in the firm — as did Santa Monica-based Lucky Group Inc. co-founder Diego Berdakin.
“FabFitFun has emerged into an exciting and entirely new distribution channel that brings retail to the platforms where consumers are most engaged,” said Mood Rowghani, general partner with Kleiner Perkins. “The company's personalized connection with its community allows brands to better understand and interact with consumers — establishing a long-term relationship rather than simply a transaction."
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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