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SingTel Innov8 invests $10m in Fab.com

  • Mirzaan Jamwal
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SingTel Innov8 has invested $10 million in online lifestyle store Fab.com as part of an ongoing Series D round of financing. It joins a list of strategic Asian backers as the company plans expansion in the region.

Fab sells in 29 countries across North American and Europe. Half of the e-commerce company's sales come from furniture and home decorations, with art, jewelry and fashion making up the rest.

Fab's total fundraising is now up to $320 million. Tencent led a $150 million investment last month, alongside Japanese retail conglomerate Itochu and previous investors Andreessen Horowitz, Atomico and Menlo Ventures among others.

In India, an undisclosed investment from Times Internet earlier this year could help Fab with potential new markets.

Launched in 2011, the company's sales grew by more than 500% last year, generating revenues of $120 million. Sales are expected to grow by around 100% in 2013, but the company remains unprofitable.

Fab shifted away from its flash sales model to focus on website-based commerce last month, and centralized operations at the New York headquarters. As part of the restructuring, 100 staff from its European business are being let go.

The company intends to announce more Series D investors in the future.

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