Joseph Einhorn

Joseph Einhorn
Born New York City
Occupation CEO of Fancy

Joseph Einhorn is an entrepreneur and businessperson who is best known as the founder and CEO of the company Fancy, a social e-commerce platform.[1][2][3] Fancy describes itself as "part store, blog, magazine and wish list," and Einhorn has said that it seeks to redefine the shopping experience.[1][2] Fancy was valued at $600 million by American Express, Billionaire Len Blavatnik, Actor Will Smith and other investors on July 3, 2013.[4][5] In February 2015, Einhorn's company Fancy raised a $20 million Series D strategic funding round which was led by Mexico's Carlos Slim Domit and the CCC holding company.[6]

Biography

Einhorn was born in New York City, NY, and turned 30 years old in 2012.[1] He is married with two sons and two Chihuahuas.[1][7]

Drake and Joe Einhorn

Einhorn became involved in the startup world at age 16, when he became the first employee of Capital IQ, a corporate information service.[1] In 2004, he co-founded and served as CTO of Inform Technologies, LLC, which connected related content across online media and information companies.[8] In 2009, Einhorn founded the social e-commerce platform Fancy.[1][9]

Einhorn is a fan of rap music – especially by the artist Drake – and has said that Kanye West's blog influenced Fancy's website.[10] Einhorn has also been a personal user and supporter of Google Glass, leading to his company's Google Glass app that suggests items based on colors the user is looking at.[9]

Fancy

Einhorn founded Fancy in 2009.[9] He has described his company as a service that "combines the best features of Pinterest with the traditional Amazon experience," creating an image-centric e-commerce platform where users set the trends by posting items they 'fancy.'[2][3][11] 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.[1]

Fancy is distinctly different from sites like Pinterest in that it offers merchants the ability to sell items directly to consumers. In order to sell on Fancy, a merchant needs to 'claim' an item that users have already posted. Fancy takes a commission fee from each sale.[4][11]

Fancy has attracted a number of well-known backers and board members, including American Express, Francois-Henri Pinault, Len Blavatnik, Will Smith, Jack Dorsey of Twitter, and Chris Hughes of Facebook.[1][2][4] High-profile users include Mark Zuckerberg and Kanye West, who has been an outspoken supporter of the site.[4][12]

In September 2013 Einhorn secured an investment round of $7 million for Fancy from, among others, Richard C. Perry, owner of Barneys New York, and his son David Perry.[13] In February 2015, Fancy raised a $20 million Series D strategic funding round which was led by Mexico's Carlos Slim Domit and the CCC holding company.[6] Fancy noted that it would use the funding to "continue to build out its technology platform and execute on new key strategic partnerships”.[6]

Recognition

  • Crain's New York Business listed Einhorn as one of the 40 most successful entrepreneurs under the age of 40 for 2014.[14]
  • Business of Fashion named Einhorn in its list of 500 People Shaping the Global Fashion Industry.[15]
  • Business Insider ranked Einhorn at #32 in its Silicon Alley 100 list of the Coolest People in New York Tech.[16]

References

  1. 1 2 3 4 5 6 7 8 Hypebeast Trade: Joseph Einhorn Founder of TheFancy.com, Hypebeast, 2012, retrieved July 21, 2013
  2. 1 2 3 4 Neate, Rupert (July 8, 2013), Crowdsourced shopping site Fancy attracts £36m in funding, London: The Guardian, retrieved July 21, 2013
  3. 1 2 Deutscher, Maria (2013), Fancy Follows Fab's Lead, Attracts More Celeb Support for New Age Retail, Silicon ANGLE, retrieved July 21, 2013
  4. 1 2 3 4 Huff, Steve (2012), The Fancy–Kind of Like Pinterest But All About the Money, BetaBeat, retrieved July 21, 2013
  5. ↑ Joe Einhorn, General Catalyst Partners, retrieved July 21, 2013
  6. 1 2 3 Social Commerce Site Fancy Raises Around $20M In Series D Led By Carlos Slim Jr And Japan’s CCC, TechCrunch, retrieved February 24, 2015
  7. ↑ Ten Questions: Joseph Einhorn, Elle, 2013, retrieved July 21, 2013
  8. ↑ Company Overview of Inform Technologies, Inc., Bloomberg Businessweek, 2013, retrieved July 21, 2013
  9. 1 2 3 Fancy Founder Sees Future Through Google Glass, Pymnts, 2013, retrieved July 21, 2013
  10. ↑ Pasori, Cedar (2012), Interview: Joseph Einhorn, Founder Of The Fancy, Complex Art+Design, retrieved July 21, 2013
  11. 1 2 Morrow, Eric (2012), CNET Q&A with Fancy Founder Joe Einhorn, CNET via Daily Deal Media, retrieved July 21, 2013
  12. ↑ Tiku, Nitasha (2012), Kanye West Is Advising NYC Startup The Fancy on the Future of Commerce, BetaBeat, retrieved July 21, 2013
  13. ↑ Vikram Alexei Kansara (September 9, 2013), The Fancy Raises Additional Funding From Owner of Barneys New York, Business of Fashion, retrieved September 30, 2013
  14. ↑ Crain's New York Business 40 under 40, Crain's New York Business, retrieved April 11, 2014
  15. ↑ BoF 500: The People Shaping the Global Fashion Industry, Business of Fashion, retrieved April 11, 2014
  16. ↑ SA 100 2013: The Coolest People in New York Tech, Business Insider, retrieved April 11, 2014
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