All but failed online e-commerce site Fab.com has been acquired by Irish custom design manufacturing company PCH International.

The acquisition price was officially undisclosed, but Re/Code and others report the figure was $15 million, split between $8 million in PCH stock and $7 million cash.

Perhaps one of the most over-hyped startups of what some would call the second dotcom boom, Fab.com promised an e-commerce platform where its worldwide customer base was able to discover everyday design products at great prices, while being able to connect with the world’s most exciting designers, and also to share their favorite design inspirations.

It sounded great in theory, but in reality customers never embraced it.

The spin didn’t stop at what the company promised for customers; the $15 million epic fire sale comes after Fab.com had raised $336.3 million over 11 rounds from venture capital firms who would usually know better than to be sucked in by pure hype.

The victims of the hype included top tier venture capital firms and tech companies: First Round, Menlo Ventures, SoftTech VC, Baroda Ventures, Andreessen Horowitz, Atomico, Pinnacle Ventures, RTP Ventures, Mayfield Fund, DoCoMo Capital, and over a dozen others, including the venture arm of Singapore teclo giant Singtel and Chinese tech giant Tencent.

Cork, Ireland-based PCH designs custom manufacturing solutions for Fortune 500 and startup companies, in particular assisting companies in design engineering and development, manufacturing and fulfillment, and distribution and retail. In a statement, the company said it would use Fab.com as a sales channel for the hardware products it helps startups make, and use the platform to introduce some customized versions of these products.

“We see an opportunity to reinvigorate the Fab audience – keeping the current focus, and adding a variety of more distinct and exclusive goods from designers” PCH CEO & Founder Liam Casey added. “And because Fab has a flexible and dynamic technology platform, we have a good foundation to test new selling modes that will excite customers.”

Founded in 1996, PCH brings steady hands and a wealth of experience to Fab.com. The company has raised $77 million over four rounds from Focus Ventures, Norwest Venture Partners, Lightspeed Venture Partners, Cross Creek Advisors, Triangle Peak Partners and others.

Under the deal 35 Fab employees – including engineers, merchants, graphic designers, and marketers – will remain with the company.

Startups fail all the time, and there’s no shame in failing, but few offer a sordid backstory of hype, spin and false promises like Fab.com did. Despite having lost over 95 percent on their investments, there’s no doubt a good number of the venture capital firms who wildly threw money at Fab.com with joyful abandon will be happy to put the startup behind them.

image via Business Insider