After raising $150 million of Series D financing in June, online retailer Fab has added another $10 million—and a new investor—to the round. The new investor is Singapore-based SingTel Innov8, which joins China-based Tencent and Japan-based Itochu (both participants in the company’s initial Series D raise) as Asia-headquartered Fab investors. These partnerships will likely be of great help to the company, which currently sells in 29 countries across North America and Europe, as it develops plans to expand into Asian markets. And that’s just part of what has kept the startup so busy lately.
The two-year-old company recently announced that it is centralizing operations to its New York headquarters, supporting its “shift from a flash sales model to more of a comprehensive global online lifestyle shop.” As a result, more than 100 positions had to be eliminated in the company’s Berlin office due to redundancies, but business is business.
With support from a host of big name global investors, about $330 million in funding to date and a valuation of over $1 billion, Fab is on a fabulous track. And according to founder and CEO Jason Goldberg, the company isn’t even done expanding its current funding round. In a blog post published yesterday on his personal website, he wrote, “More Series D investors will be announced in the future, and we’ve decided to share that news as it occurs.”