You may have been wondering who will be the first to develop a fully functioning social shopping platform. Well, The Fancy (you know, the Pinterest-ish site where you can actually buy things?) just took another big step forward — scoring an additional $26.4M in funding, according to a recent SEC filing.
According to AllThingsD, the filing doesn’t name the source of the funds, but circumstantial evidence points to AmEx ties. Specifically, American Express vice chairman Ed Gilligan is now listed on the board of Things Daemon, parent company of The Fancy.
And just last month, The Fancy announced a partnership with AmEx to reward users for referring buyers through Fancy. That is, The Fancy is actually incentivizing social sharing with what basically amounts to an affiliate marketing plan.
In fact, if you’re not aware of Fancy.com, you might want to give it a look. This very market-savvy photo-sharing platform actually gives users 2% of referral transactions in the form of credits that they can spend through the site. How’s that for a market strategy?
Clearly, The Fancy will need some serious financial backers to pull this off at scale, as well as a close relationship with a company that can handle the occasional avalanche of transactions AND track affiliate credits — that will supposedly be redeemable for cash in the future.
Hmmm, I wonder who that might be?
Anyway, the bigger takeaway is that The Fancy is shaping up to be the most competitive social shopping platform. Despite Pinterest’s major head start and explosive popularity, The Fancy is the network that seems to have all the answers when it comes to monetization. Now, will it work?