As part of an ongoing Series D round of financing, SingTel Innov8, the corporate venturing unit of Asia-based communications company, SingTel Group, invested $10m in Fab at the end of July, according to Fab’s founder and chief executive officer, Jason Goldberg. The series D round has raised about $160m. However, the latest investment brings total fundraising to date to $320m for the international online lifestyle design store. The funding will be used to expand in the Asia markets.
Fab sells in 29 countries across North American and Europe. Goldberg said that SingTel is targeting the same demographic of 25-45-year-olds looking to browse and purchase unique and compelling items they’ll live with in their homes, wear, and gift.
Jeff Karras, Managing Director of SingTel Innov8, said, “Fab has a unique and growing business, and is exactly the kind of company SingTel looks to partner with to best serve our customers in Asia. We are pleased to lend SingTel’s market knowledge and networks to facilitate seamless connections between infrastructure, technology and customer reach as Fab continues to build their global lifestyle brand.”
Fab has settled into New York headquarters, shifting from a flash sales model to more of a comprehensive global online lifestyle shop.
“More Series D investors will be announced in the future, and we’ve decided to share that news as it occurs, rather than hold to announce all at once,” wrote Goldberg in his blog, Betashop.
Tencent, an Asia-based internet services and instant messaging company, invested in a previous tranche of this series D round.