Jason Goldberg, chief executive officer of Fab, announced that his company had raised US$10 million in venture capital funding. The announcement was made through their blog yesterday. The entire US$10 million investment was made by SingTel Innov8, the corporate venture capital business unit of the SingTel Group. SingTel Group is on of Asia's prominent communications group.
Fab currently makes their products available in select European and North America markets. Mr. Goldberg, however, said they were mulling an expansion into Asia. The new venture capital relationship with SingTel and the funding they got from the telecom titan could help them achieve that goal.
Mr. Goldberg, in the statement, said that the US$10 million investment is an addition to a US$150 million Series D funding round they previously started. The investment should bring Fab's total capital funding to around US$320 million.
"SingTel has a lot in common with Fab - they serve a growing, young, and sophisticated population of consumers who are looking for lifestyle products to reflect their optimistic, dynamic and vibrant approach to life. That matches well with the predominantly 25-45-year-olds who come to Fab to browse and buy unique and compelling items they'll live with in their homes, wear, and gift," Goldberg wrote.
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