The Fancy, an online shop with eclectic goods curated by customers, is seeking to raise money at a valuation of as much as $1.2 billion, a person with direct knowledge of the matter said.
An investment in the Web retailer, which is being advised by Morgan Stanley (MS), would double the value of the company since July, according to the person, who asked not to be identified because the information isn’t public. The Fancy raised $53 million from investors including American Express Co. (AXP), billionaire Len Blavatnik and actor Will Smith last year at a $600 million valuation, people familiar with the matter said at the time.
The Fancy’s fundraising efforts, led by Chief Executive Officer Joe Einhorn, comes after several Web companies attracted investments at multibillion-dollar valuations. In May, Pinterest Inc., which lets users curate images of items they like, raised $200 million at a $5 billion valuation. Dropbox Inc. and Airbnb Inc. are valued at $10 billion. Uber Technologies Inc. recently raised money at a $17 billion valuation.
Einhorn didn’t respond to multiple requests for comment. Mary Claire Delaney, a spokeswoman for Morgan Stanley, declined to comment.
The Fancy, based in New York, sells luxury lifestyle items such as $9 waterproof lights to put in cocktails, $205 magnetic coat hangers and a $120 bird feeder that connects with an iPhone to take pictures of birds. When a potential customer likes an item, they can buy it or click to “fancy” it, giving it higher prominence on the site. The items can be bought without leaving The Fancy’s website.
The company used to be called Thing Daemon Inc.