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Fab raises $5m from Itochu Corp

  • Mirzaan Jamwal
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Online lifestyle store Fab.com has raised $5 million from Japan’s Itochu Corporation, as the two develop a joint venture agreement to bring the company to Japan in 2014.

The funding is an extension of a Series D round which has seen Singtel, Tencent and ITOCHU Technology Ventures among others invest $160 million this year.

Itochu is a general trading company with the largest network of third-party logistics warehouses in Japan. Fab's founder and CEO Jason Goldberg said it will be a "key strategic partner as Fab continues its mission in creating the world's design store."

Fab recently restructured to focus on specific product verticals like furniture, home goods, art, clothing, jewelry, food, books, pets, and adult fun. It 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.

Goldberg has said the company also intends to start building brick-and-mortar retail stores.

The Series D is slated to drive its transformation and support expansion.. Fab now has 14 million members, and expects sales to more than double in 2013.

 

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