Peter Kafka

Recent Posts by Peter Kafka

Shopping Site The Fancy Sells a $26 Million Round

Remember when Apple was supposedly going to buy in The Fancy?

Here’s what really happened: The social shopping site raised a $26 million round. That follows a $10 million round it raised from French fashion conglomerate PPR a year ago. The Fancy and its parent company Thing Daemon have now raised $42 million to date.

The Fancy’s SEC filing doesn’t explain where the new money came from, though it does contain an interesting hint: American Express vice chairman Ed Gilligan is now listed as a member of Thing Daemon’s board, along with PPR CEO Francois-Henri Pinault. I’ve put in queries to AmEx and to Thing Daemon/Fancy founder Joe Einhorn, but there’s a good chance they’re distracted today.

Other Thing Daemon board members include Twitter/Square’s Jack Dorsey, and Facebook vet turned investor/publisher Chris Hughes.

Thing Daemon was originally supposed to be an ambitious effort to create a “Facebook of Things.” But it has now evolved into The Fancy, which is essentially a fashion-forward version of Pinterest, with an explicit e-commerce option built into the site.

Here’s an interview with Einhorn from way back in December 2010:

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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik