Fab Raises $10 Million From SingTel as Part of Ongoing Series D Funding
It has been a busy week for Fab.
On Tuesday, the online retailer announced that it was cutting 100 jobs. And on Wednesday night, Fab announced that it raised $10 million from SingTel Innov8 (the venture capital arm of Singapore’s SingTel Group).
The investment is part of an ongoing Series D round that had already netted the company more than $150 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,” Fab CEO Jason Goldberg said in a blog post. Goldberg said that Fab, which already operates in North America and Europe, is “very pleased to have SingTel’s insight as we explore our expansion plans in the Asia region.”
More Series D investors will be announced in the future, Goldberg said.
Goldberg’s post did make reference to the recent shifts at the company.
“Since our last blog post announcing the initial round of Series D financing (which now brings our total fundraising to $320 million), Fab has made huge strides in executing against our priorities and vision,” Goldberg said. “Most importantly, we announced the centralization of our operations at our New York headquarters, underscoring our shift from a flash sales model to more of a comprehensive global online lifestyle shop. We have momentum, we have growth, we have a solid team in place, and we have millions of customers worldwide that we want to continue to fall in love with Fab.”