When e-commerce site Bezar launched last March, founder Bradford Shellhammer told Fast Company his dream was that the site would become a highly curated digital marketplace on par with Etsy. But it seems the startup, a sort of reincarnation of the embattled Fab.com, is running into problems even before it turns 1. According to a report from Re/code, the company is running dangerously low on cash and struggling to get additional funding. Sources familiar with the company told Re/code the company would likely shut down.
Before Bezar, Shellhammer, who Fast Company named one of its Most Creative People in 2012, cofounded the flash sale site Fab.com, which raised $300 million in VC funding and saw a $1 billion valuation before hitting turbulence. In 2013, it was rumored to have lost $90 million. It laid off hundreds of employees and Shellhammer quietly took his leave from the company.
Bezar was supposed to right Fab’s wrongs. Instead of flash sales on excess inventory, the new site features temporary pop-up shops where handpicked designers showcase unique goods. “I don’t want to just be the guy who is doing Fab again,” Shellhammer said when the site launched. Bezar raised $2.25 million early last year.
Fast Company has reached out to Shellhammer and will update this post if we hear back.JH