Warner Music Group owner Len Blavatnik and Will Smith are among wealthy investors in online shopping site, The Fancy.

Smith, American Express and the Ukrainian-born Blavatnik, who owns Warner Music and film company Icon UK among other media and industrial interests, are among a group of investors to have put $53 million into the site.

Their investment bring the value of the company, which has already attracted investments from Twitter and mobile payments company Square co-founderJack Dorsey, to around $600 million,
according to reports.

Described as "part store, blog, magazine and wish-list" The Fancy offers a venue where people can post photographs of things they "fancy" buying and then allows sellers to offer goods. Buyers and sellers can do deals directly via the site, which takes a 10% cut on purchases and promotes the most fancied products.

Joe Einhorn, The Fancy’s founder, has described the site as providing new version of the old way of buying things: through identifying communities that form around desired objects, goods or services and offering a new way for sellers to meet those demands.