The social commerce platform Fancy raised US$53 million, according to Bloomberg. This new influx from investors raised the company's valuation to US$600 million.

Although the SEC filing did not disclose the name of investors, a Bloomberg source who was knowledgeable about the matter named a few famous names. According to the Bloomberg source, the roster of investors included the actor Will Smith, Facebook's Chris Hughes, and Twitter's Jack Dorsey. Other investors named were Francois-Henri Pinault of Kering, Edward Gilligan of AmEx, Len Blavatnik, and American Express.

Also, how the investment would be used was not commented upon by Michael Silverman, Chief Operating Officer. However, according to TechCrunch, the investment could be used to fund the company's expansion worldwide. Last month, Fancy announced that it would soon offer international shipping.

This move to the international front has been backed by demand from non-US users. According to Silverman, non-US users accounted for almost half of the site's users. This move to cater to the international market could lessen Fancy's competitors as currently the site faces tough competition on US shores.