US furniture and design website Fab.com has raised additional funds of $150 million valuing the business at an estimated $1 billion.
The new funds take the total to more than £310 million raised so far. The previous funds have been used to expand and buy five other companies. Its acquisitions include FashionStake, Germany's Casacanda and the UK's Llustre.
The business will hit sales of $200 million to $300 million this year, its chief executive officer Jason Goldberg told Bloomberg in an interview. That's more than double last year's $120 million sales. Goldberg has said he wants to avoid competing directly with Amazon and instead focus on 'emotional' and aspirational products.
The latest, Series D, investment was led by Andreessen Horowitz, Atomico and Chinese internet giant Tencent. Tencent takes a seat on the board and will play an active role in the site's expansion into Asia. The investment is widely seen as a challenge by Tencent to Asian ecommerce success story Alibaba.
Other investors, all of which had taken part in previous rounds of funding, were Menlo Ventures, RTP Capital, Pinnacle Ventures, Lars Hinrichs and Docomo Capital. Japan's Itochu joins as a new investor.
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