Times Internet-backed Fab.com raises $10M from Singapore-based telco SingTel
New York-based Fab Inc., which runs lifestyle products e-tailer Fab.com, has raised $10 million (Rs 60.6 crore), as part of its ongoing Series D round of financing, from SingTel Innov8, the corporate VC arm of SingTel Group, a leading communications group in Asia. In June this year, the company raised $150 million as part of a larger Series D round from several investors, including China's Tencent Holdings.
With the new investment, Fab's total fundraising stands at $320 million. The company says it will keep announcing more Series D investors in the future.
Jeff Karras, MD, SingTel Innov8, said, "Fab has a unique and growing business, and is the kind of company SingTel looks to partner with to 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 plans to expand in the Asian markets."
Fab.com was founded by Jason Goldberg and Bradford Shellhammer, along with the husband-wife duo of Nishith and Deepa Shah. Late last year, Times Internet Ltd, the digital arm of The Times of India Group, disclosed it had made a 'seven-figure' investment in Fab.com. Although the deal amount was not specified, it means Times Internet invested anywhere between $1 million and $10 million. At that time, Fab was valued at over $600 million. The deal was fostered by Times Internet CEO Satyan Gajwani.
In 2012, Fab acquired Pune-based technology startup True Sparrow Systems Pvt Ltd for an undisclosed amount. True Sparrow was the technology backend of Fab.com since its inception and was co-founded by Nishith and Deepa in 2007. In the same year, the company claimed to sell one product every five seconds, of which 50 per cent was home products, 10 per cent covered art, 10 per cent jewellery and 20 per cent fashion and fashion accessories.
Besides selling designer products online, Fab.com happens to be a platform for independent designers where people can browse through a wide range of products across various categories and share those across social media platforms. As of now, the site sells products in 29 countries across North America and Europe and is now planning to expand into the Asian markets.
Early this week, Los Angeles-based Just Fabulous Inc., which owns and operates shoes and apparel ecommerce platform JustFab.com, filed a lawsuit against Fab over trademark infringement.
(Edited by Joby Puthuparampil Johnson)