Fresh after its merger with close rival ShoeDazzle, fashion commerce site JusFab announced that it had raised USD40 million in investment commitments in a Series C funding round. Leading the funding round was Hong Kong's Shining Capital. Investors who also participated in the funding round were Rho Ventures, Matrix Partners, Intelligent Beauty and Technology Crossover Ventures (TCV). JustFab had raised a total of USD149 million in investment capital.
In an interview, JustFab co-chief executive Adam Goldberg told information technology site Techcrunch that the recent funding would be spent on expanding its business in Europe and Asia. It had earlier acquired Fab Shoes to expand in Spain and France, and Fabkids to expand to the children's apparel market.
Goldenberg said, "France and Spain so far are going extremely well, so we want to do more in Western Europe. We are also looking at Australia, in addition to Asia, because over the next four years we want to build a global brand. It's important to have a strong balance sheet so that if there is good opportunity to buy something we can."
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