Fabfab is looking for capital - Spac as a solution?

Fabfab has been successful so far with the sale of fabrics and other craft supplies, but now the start-up wants to raise more money. According to the company boss, a Spac is also an option.

The creative store operator Fabfab could soon take the plunge and go public. CEO Andreas Seifert confirmed this to the Reuters news agency. This is one way of raising the necessary growth capital. "The plan is clearly to get something up and running this year," said Seifert.

Fabfab GmbH, founded in 2012, is based in Schenefeld near Hamburg. The company operates twelve online stores for fabrics across Europe, including Myfabrics in the UK and Telas in Spain. However, the core is the German platform stoffe.de, which has been in existence since 2003. Last year, the company was able to achieve a turnover of 50 million US dollars, an increase of 100 percent, says Seifert. In 2020, Fabfab also launched the DIY platform Makerist, a portal for sewers, crocheters and hobbyists.