LA-based lifestyle brand FabFitFun, which crossed $200M+ in revenue last year, raises $80M Series A led by Kleiner Perkins to grow its subscription box business
Jonathan Shieber / TechCrunch :
Context & Ripple Effects
FabFitFun is an unusual 'Series A': a Los Angeles brand already past $200M in annual revenue taking an $80M check from Kleiner Perkins, which has been cycling capital into new vehicles — including a $3.5B fundraise split between early- and growth-stage funds — while keeping consumer bets like this on the board.
The round lands mid-wave in subscription commerce funding: Aaptiv's $22M Series C in 2018 and iFit's $200M raise with 330,000 paying subscribers in 2019 bracketed it, with HealthifyMe and Fresha extending the pattern into fitness apps and wellness booking afterward.
First-order effects
- FabFitFun gets inventory-and-fulfillment capital to grow its box business without sacrificing margin on curation, while Kleiner Perkins adds a revenue-proven consumer subscription asset rather than a pre-revenue bet.
Second-order effects
- Rival curation boxes and wellness subscriptions now compete against a brand that can outspend them on product sourcing and member acquisition, pressuring smaller boxes toward niche verticals or acquisition.
- The round validates the category for follow-on investors, keeping capital cheap for adjacent players like iFit and Aaptiv that monetize recurring consumer relationships.
Third-order effects
- Stage labels keep decoupling from company maturity — an $80M 'Series A' for a $200M-revenue business signals venture firms pricing consumer companies on revenue scale, not round sequence.
- If the funding pattern holds, subscription commerce consolidates around brands that own both curation data and fulfillment economics, squeezing single-category boxes out of the middle.
The trend: Venture capital continues to flow into already-scaled consumer subscription businesses across fitness, wellness, and lifestyle boxes, with round sizes and stage labels drifting apart as revenue replaces narrative as the underwriting basis.