Fabulis
Encyclopedia
Fab.com was developed in 2010 to be a gay social networking site not focused on dating and relationships. In March 2011 the owners relaunched the site as an online retailer.
as "Fab" and moved the site to fab.com.
Fabulis had over 81,000 registered users of the former social network (as of January 11, 2011).
Fab relaunched on March 7, 2011 as the current site featuring daily design inspirations and sales at up to 70% off retail.
by The Washington Post Company and various individual investors.
An employee of Citibank
made a bad judgment call about Fab, and Citibank ended up shutting down Fabulis' bank account for "objectionable content." They apologized for the error and reopened the bank account.
After the issue, Citibank made changes to their Internet business policy, stating that they now require their bankers to consult with a senior level executive before making any final decisions. They also noted that they do not monitor customers' websites, but will reserve the right to decline or suspend an account if it contains content against their policies.
Company history
On December 13, 2010, Fabulis rebrandedRebranding
Rebranding is the creation of a new name, term, symbol, design, or a combination of them for an established brand with the intention of developing a differentiated position in the mind of stakeholders and competitors....
as "Fab" and moved the site to fab.com.
Fabulis had over 81,000 registered users of the former social network (as of January 11, 2011).
Launch
Fab's beta project was launched on March 23, 2010. The project allows users to sign up using Facebook Connect and vote for their friends.Fab relaunched on March 7, 2011 as the current site featuring daily design inspirations and sales at up to 70% off retail.
Funding
Fabulis raised $625,000 in fundingSeed money
Seed money, sometimes known as seed funding, friends and family funding or angel funding , is a securities offering whereby one or more parties that have some connection to a new enterprise invest the funds necessary to start the business so that it has enough funds to sustain itself for a period...
by The Washington Post Company and various individual investors.
An employee of Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
made a bad judgment call about Fab, and Citibank ended up shutting down Fabulis' bank account for "objectionable content." They apologized for the error and reopened the bank account.
After the issue, Citibank made changes to their Internet business policy, stating that they now require their bankers to consult with a senior level executive before making any final decisions. They also noted that they do not monitor customers' websites, but will reserve the right to decline or suspend an account if it contains content against their policies.