Will Smith, Warner Music's Len Blavatnik Invest in The Fancy
Will Smith and Warner Music Group owner Len Blavatnik are among wealthy investors in online shopping site, The Fancy.
Smith, American Express and the Ukrainian-born Blavatnik, who owns Warner Music and film company Icon UK among other media and industrial interests, are among a group of investors to have put $53 million into the site.
Their investment bring the value of the company, which has already attracted investments from Twitter and mobile payments company Square co-founder Jack Dorsey, to around $600 million, according to reports.
Described as "part store, blog, magazine and wish-list" The Fancy offers a venue where people can post photographs of things they "fancy" buying and then allows sellers to offer goods. Buyers and sellers can do deals directly via the site, which takes a 10% cut on purchases and promotes the most fancied products.
Joe Einhorn, The Fancy’s founder, has described the site as providing new version of the old way of buying things: through identifying communities that form around desired objects, goods or services and offering a new way for sellers to meet those demands.