Pinterest rival The Fancy gets $53 million from Will Smith, American Express; valued at $600 million

The interest in social commerce seems to keep increasing by the day. We all know America’s newest addiction Pinterest is being valued at close to $2 billion and has raised hundreds of millions of dollars. And now the word is that New York-based The Fancy is worth over $600 million. According to Bloomberg, The Fancy raised $53 million from American Express (s AXP), actor Will Smith and others.

The Fancy makes play to be the Amazon of social commerce thumbnail

Joe Einhorn, founder, The Fancy

The report said that the company has sales of $3 million a month and is being valued at around $600 million according to their sources. The company had previously snagged a total of $60 million in multiple rounds of funding and counts Twitter & Square co-founder Jack Dorsey among its investors.
Not bad for the company started life as Thing Daemon (a somewhat esoteric company that struggled to find initial traction till it turned itself into The Fancy.) This new cash infusion is going to help the company find ways to stay ahead of its rivals such as Pinterest and Wanelo, the later being an upstart that is gaining momentum.
This pinterest-ization of the web is leading to a new behavior that will influence how people will buy things. Wanelo CEO Deena Varshavskaya at a conference put it well when she said that we are about to see a shift in power when it comes to commerce. Today, we have brands telling us what to buy, and in the future, thanks to information gleaned through peer-networks such as Pinterest, Wanelo and The Fancy, we are going to make buying decisions based on relevancy.
P.S.: Here is our early take on the Fancy. Social Commerce is very near and dear to our hearts, mostly because we believe in the new kinds of discovery behaviors that are taking root, something we have and will continue to discuss at our RoadMap conference in November 2013.