According to Fab.com, it had raised US$150 million from investors including Tencent Holdings Ltd. of China. This valued the two year old online retailer of home goods at roughly US$1 billion.
The funding will help Fab expand its business to Asia and improve its operations. Fab is targeting US$200 million to US$300 million this year according to the company's CEO Jason Goldberg in an interview.
Fab received a total of US$310 million in investment and purchased five companies according to Goldberg. Fab has also opened showrooms to display its products, a warehouse and created a Fab-branded product line.
Jason Goldberg also added that the company is driven to designing a modern lifestyle that is colorful and urbanized for its clients and Asia is its next target.
Spokesperson for the company, Deborah Roth said that the company plans to raise additional US$50 million to US$100 million in the next few months.
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