Joseph Einhorn

Joseph Einhorn is an entrepreneur and businessperson who is best known as the founder and CEO of the company Fancy, a social e-commerce platform.[1][2][3] Fancy describes itself as "part store, blog, magazine and wish list," and Einhorn has said that it seeks to redefine the shopping experience.[1][2] Fancy was valued at $600 million by American Express, Billionaire Len Blavatnik, Actor Will Smith and other investors on July 3, 2013.[4][5] In February 2015, Einhorn's company Fancy raised a $20 million Series D strategic funding round which was led by Mexico's Carlos Slim Domit and the CCC holding company.[6]

Joseph Einhorn
Born
OccupationOwner of Loot

In July 2019, Einhorn opened a comic book store called Loot.[7]

BiographyEdit

Einhorn was born in New York City, NY, and turned 30 years old in 2012.[1] He is married with two sons and two Chihuahuas.[1][8] Einhorn became involved in the startup world at age 16, when he became the first employee of Capital IQ, a corporate information service.[1] In 2004, he co-founded and served as CTO of Inform Technologies, LLC, which connected related content across online media and information companies.[9] In 2009, Einhorn founded the social e-commerce platform Fancy.[1][10]

Einhorn is a fan of rap music – especially by the artist Drake – and has said that Kanye West's blog influenced Fancy's website.[11] Einhorn has also been a personal user and supporter of Google Glass, leading to his company's Google Glass app that suggests items based on colors the user is looking at.[10]

LootEdit

Einhorn is the owner of the comic book store Loot in Brooklyn, which opened in July 2019.[12] He plans to host workshops on teaching kids how to write and draw their own comics in order to promote creativity and alternatives to video games at Loot.[13] Einhorn credits his motivation to promote creativity in kids to a high school science fair, during which he won a chance to make a hologram that he has kept to this day.[14] Loot was featured on the Today Show in January 2020.[15]

The name of the store comes from the idea that kids can earn 'loot' for buying, borrowing, or making and selling their own comics.[16] Einhorn's inspiration for the store comes from his own interest in comics as a kid and loot mechanics in Fortnite.[17][18]

The store's collection of comics began as Einhorn's personal stash and has grown with donations, with additional sponsorships coming from Warby Parker and Louis Leterrier.[19] Most of the store's collection consists of superhero comics.[18]

FancyEdit

Einhorn founded Fancy in 2009.[10] He has described his company as a service that "combines the best features of Pinterest with the traditional Amazon experience," creating an image-centric e-commerce platform where users set the trends by posting items they 'fancy.'[2][3][20] In a 2012 interview with Hypebeast, Einhorn said that Fancy seeks to become "the new Amazon.com" by creating a social e-commerce platform where users can interact with one another to explore, discover, and purchase items.[1]

Fancy is distinctly different from sites like Pinterest in that it offers merchants the ability to sell items directly to consumers. In order to sell on Fancy, a merchant needs to 'claim' an item that users have already posted. Fancy takes a commission fee from each sale.[4][20]

Fancy has attracted a number of well-known backers and board members, including American Express, Francois-Henri Pinault, Len Blavatnik, Will Smith, Jack Dorsey of Twitter, and Chris Hughes of Facebook.[1][2][4] High-profile users include Mark Zuckerberg and Kanye West, who has been an outspoken supporter of the site.[4][21]

In September 2013 Einhorn secured an investment round of $7 million for Fancy from, among others, Richard C. Perry, owner of Barneys New York, and his son David Perry.[22] In February 2015, Fancy raised a $20 million Series D strategic funding round which was led by Mexico's Carlos Slim Domit and the CCC holding company.[6] Fancy noted that it would use the funding to "continue to build out its technology platform and execute on new key strategic partnerships”.[6]

RecognitionEdit

  • Crain's New York Business listed Einhorn as one of the 40 most successful entrepreneurs under the age of 40 for 2014.[23]
  • Business of Fashion named Einhorn in its list of 500 People Shaping the Global Fashion Industry.[24]
  • Business Insider ranked Einhorn at #32 in its Silicon Alley 100 list of the Coolest People in New York Tech.[25]

ReferencesEdit

  1. ^ a b c d e f g h Hypebeast Trade: Joseph Einhorn Founder of TheFancy.com, Hypebeast, 2012, retrieved July 21, 2013
  2. ^ a b c d Neate, Rupert (July 8, 2013), Crowdsourced shopping site Fancy attracts £36m in funding, London: The Guardian, retrieved July 21, 2013
  3. ^ a b Deutscher, Maria (2013), Fancy Follows Fab's Lead, Attracts More Celeb Support for New Age Retail, Silicon ANGLE, retrieved July 21, 2013
  4. ^ a b c d Huff, Steve (2012), The Fancy–Kind of Like Pinterest But All About the Money, BetaBeat, retrieved July 21, 2013
  5. ^ Joe Einhorn, General Catalyst Partners, archived from the original on August 16, 2013, retrieved July 21, 2013
  6. ^ a b c Social Commerce Site Fancy Raises Around $20M In Series D Led By Carlos Slim Jr And Japan’s CCC, TechCrunch, retrieved February 24, 2015
  7. ^ "Loot: A New Comic Book Haven For Kids". Retrieved 16 July 2019.
  8. ^ Ten Questions: Joseph Einhorn, Elle, 2013, retrieved July 21, 2013
  9. ^ Company Overview of Inform Technologies, Inc., Bloomberg Businessweek, 2013, retrieved July 21, 2013
  10. ^ a b c Fancy Founder Sees Future Through Google Glass, Pymnts, 2013, retrieved July 21, 2013[permanent dead link]
  11. ^ Pasori, Cedar (2012), Interview: Joseph Einhorn, Founder Of The Fancy, Complex Art+Design, retrieved July 21, 2013
  12. ^ "Check it out: Comic book lending library opens in Carroll Gardens". Retrieved 16 July 2019.
  13. ^ "Fancy.com Founder Launches Brooklyn's Newest Kid-Friendly Comic Shop". Retrieved 16 July 2019.
  14. ^ "Loot comic book store is a haven for budding artists". New York Post. Retrieved 21 January 2020.
  15. ^ "Inside the comic book store that is inspiring the next generation of artists". Today.
  16. ^ "New Library-Like Comic Store Opens In Carroll Gardens: Report". Retrieved 16 July 2019.
  17. ^ "Kids Get to Create Their Own Superhero Stories at NYC's Newest Comic Book Store". NBC New York.
  18. ^ a b "A Brooklyn comic store inspired by 'Fortnite' is delivering a new kind of experience for kids at a time when comic shops need to adapt to survive". Business Insider. Retrieved 21 January 2020.
  19. ^ "She's 8 Years Old. Her Superpower? Creating Anti-Bullying Comics". New York Times.
  20. ^ a b Morrow, Eric (2012), CNET Q&A with Fancy Founder Joe Einhorn, CNET via Daily Deal Media, retrieved July 21, 2013
  21. ^ Tiku, Nitasha (2012), Kanye West Is Advising NYC Startup The Fancy on the Future of Commerce, BetaBeat, retrieved July 21, 2013
  22. ^ Vikram Alexei Kansara (September 9, 2013), The Fancy Raises Additional Funding From Owner of Barneys New York, Business of Fashion, retrieved September 30, 2013
  23. ^ Crain's New York Business 40 under 40, Crain's New York Business, retrieved April 11, 2014
  24. ^ BoF 500: The People Shaping the Global Fashion Industry, Business of Fashion, retrieved April 11, 2014
  25. ^ SA 100 2013: The Coolest People in New York Tech, Business Insider, retrieved April 11, 2014