Fab.com Raises $5 Million From Itochu
Fab.com has raised $5 million in additional funding from Itochu Corporation. Fab.com has a valuation of over $1 billion and they raised $150 million this past June. This $5 million is part of a round that could hit $250 million in funding, according to VentureBeat. Itochu made the investment through Itochu Technology Ventures, the company’s venture capital arm.
Itochu is a trading company that started that started out as a kimono retail store in 1858. Now it is a leading textile, machinery, food, energy, and logistics company. Itochu has the largest network of third party warehouses in Japan. This investment is clearly strategic for Fab.com.
Fab.com stared out as a social network, but transformed into a flash sales lifestyle brand. Fab.com has millions of members and the company raised $105 million in July 2012.
Fab.com had raised $150 million in Series D led by Tencent. Fab.com has 14 million users and sales are expected to more than double in 2013. Fab.com laid off around 100 employees from their European headquarters in Berlin. Fab.com will be entering the Japanese market next year as part of this investment. Fab.com has raised a total of over $315 million thus far.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry