Fab.com, one of the fastest growing, New York based ecommerce site focused on everyday design, has recently raised $10 million from Singapore telecom giant Singtel as reported by TheNextWeb. It is an additional investment in the ongoing series D round wherein $150 million were raised from Chinese Internet Giant, Tencent and Japanese retail conglomerate Itochu two months back.
The current investment came after series of announcements by the company regarding laying off its employees and switching from its signature flash sales emails to focus entirely on website-based commerce, to offer a personalized Fab experience through Pinterest.
As per Fab, this investment will help them to expand their base to the asian markets and will also give access to potential markets in China and Japan. Also, the partnership with Singtel will provide the company a platform to extend itself in Asia Pacific region including Thailand, Philippines, Singapore as well as Optus in Australia.
This is not a first attempt by the company to increase its reach into Asia. Last year, Times Internet, part of the The Times of India Group, has made an undisclosed 7 figure investment in the company to explore and execute its India market strategy in the coming years. Also, it had acquired Pune based technology company, True Sparrow Systems for an undisclosed amount and was described as a cash and stock.
The Fab co-founder and CEO Jason Goldenberg also mentioned about some more undisclosed investors involved in Series D which are yet to be made public. The company is also looking forward to bring on more international investors to raise another $100 million in its series D round.
Fab is widely recognized as an innovator in social commerce, with social media representing a key driver of its rapid growth.The company maintains an Inspiration Wall where members can upload and share design inspirations. Fab added a million users within 5 months of its start and as of April 30, 2013, it receives 6 million unique visitors per month and have sold over 7 million products since launch.