Itochu Corporation, a Japan-based general trading conglomerate, has committed $5m to the ongoing series D round of international design lifestyle shopping site, Fab. The latest investment brings the company’s series D round total to $165m.
Itochu Technology Ventures, the corporate venturing unit of Itochu Corporation, is an existing investor in the series D round. Itochu’s contribution follows the recent investment of fellow corporate investor, SingTel Innov8, the corporate venturing unit of Asia-based communications company, SingTel Group, which invested $10m. Tencent, the Asia-based internet services and instant messaging company, is also an investor in the series D round.
The latest investment brings total fundraising to date to $325m for the international online lifestyle design store. The funding will be used to expand in the Asia markets.
Itochu Corporation claims the largest network of third-party logistics warehouses in Japan, will now be a strategic partner in Fab as the target company looks to sell in more markets.
Shunsuke Noda, Chief Operating Officer of ICT, Insurance & Logistics Division in ITOCHU Corporation, said: “Fab is one of the fastest growing e-commerce companies and the leading online design retailer in the US and Europe. We believe Fab has a huge potential to expand their business in Japan/Asia and we are very excited to work with Fab to realize their long-term vision of being the world’s design store.”
Fab and Itochu plan to develop a joint venture agreement that will mutually invest in bringing Fab to Japan in 2014.
Fab sells in 29 countries across North American and Europe.