Joseph Einhorn, the founder of social ecommerce platform The Fancy, started his first business aged 16, in New York. He is now the chief executive of one of the most buzzed about Internet companies.
He told Complex “First there was Tumblr, where you see a cool image of something, and then you have a dead-end. Then there's Pinterest, which is similar, and then there's us, but we have a price tag. We've been laser-focused on stuff you can really buy and places you can actually visit or experience, but it's based on the social curation that users already know how to do from these other sites.”
In September of this year it was revealed that Richard C. Perry, who owns a controlling stake in Barneys New York, injected $7 million into The Fancy, bringing the total amount of capital raised in the company’s latest round of funding to $60 million, having already raised $53 million from investors including American Express Co., billionaire Len Blavatnik and actor Will Smith. Einhorn had also previously secured investment from François-Henri Pinault.
In 2013, The Fancy was valued at $600 million dollars. According to figures, provided to BoF by Mr Einhorn, the business was turning over about $100,000 a day, approximately $3 million a month.
In a 2012 interview with Hypebeast, Einhorn said that Fancy seeks to become "the new Amazon.com" by creating a social e-commerce platform where users can interact with one another to explore, discover, and purchase items. The entrepreneur also launched Loot, a child-friendly comic book store, in New York in July 2019.
His company’s board now includes Pinault, Edward Gilligan, the president of American Express and Jack Dorsey, Twitter Inc.’s founder.