Fabfab looking for capital - Spac as solution?
Fabfab has been successful so far with the sale of fabrics and other crafting utensils, but now the start-up wants to raise more money. According to the company's CEO, a Spac is also an option.
Creative shop operator Fabfab could take the plunge and go public in the near future. CEO Andreas Seifert confirmed this to the news agency Reuters. This is a way to collect needed growth capital, he said. "It is clearly the plan to get something going this year," Seifert said.
Fabfab GmbH, founded in 2012, is based in Schenefeld near Hamburg. The company operates twelve online fabric shops across Europe, including Myfabrics in the UK and Telas in Spain. At its core, however, is the German platform stoffe.de, which has been around since 2003. Last year, sales reached 50 million US dollars, an increase of 100 percent, says Seifert. Fabfab also launched DIY platform Makerist in 2020, a portal for sewers, crocheters and hobbyists.
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