Venture Capital Funds for Gay Men Social Network Firm

Fabulis, a social Network for gay men, now Fab.com, is a start up company that is designed to help the gay men discover other people, activities and places all over the world. The company’s founder is Jason Goldbert, who also founded Social Median and Jobster.

Recently, the company launched the fabulis 2.0, which is an upgraded version of the website and the iPhone application. This version is called “a major relaunch as a full featured interactive social network.” This feature is having a good designed mixture of Twitter, Facebook, Groupon, Foursquare and Yammer, but with a target to the gay men.

The serial entrepreneur and Fabulis’ founder, Jason Goldberg, says about the company that it has until now attracted a number of aproximately 80,000 members that are active, considering that the website was launched no more than five months ago. Moreover, there are around 5,000 new members that sign up every week. With the launching of the iPhone app and new website, the users can update their status and will be able to view a series of updates from the other users. Also, the members are going to be able to share the location that they currently have with their friends or the entire Fab.com community. In addition to this, the members have available the chat functionalities and the messaging function and an event directory for gay men.

The users can comment and “Like” the other members status updates. The new Fabulis 2.0 it has the feature called Fabulis Auctions, that enables its users to bid on designer fashions and other things using the website’s virtual currency (Fabulis Bits) and Fabulis Exclusives, that consists of exclusive promotions and experiences which are available only for the website’s members. Goldberg says that the users should expect to launch new features on a weekly basis also on the web and on the mobile devices, this adding to the present offerings.

The company has recently raised $1.75 million in Series A funding from Venture Capitalists First Round Capital, Baroda Ventures, The Washington Post Company and the Zelkova Ventures. This financing round has come after another investment fund of $1.25 million in financing from angel investors. Innitially being in an amount of $375,000, this round has increased to $1.25 million and was led by undisclosed angel investors. The two financing sources have summed up to almost $3 million of venture investments for Fab.com so far.

With almost 50% of the company’s members on the website who log in more than 10 times on a month and a quarter visit it more than 50 times per month, the start-up Fabulis has all the chances to become a more and more increasing and successful company in the near future and more.