Lifestyle online retailer Fab.com closes US$150 million in its initial series D financing from investors including Chinese Internet company Tencent, the New York-based company’s co-founder and CEO Jason Goldberg announced.
This US$150 million is the first tranche of Feb.com’s series D round of financing, which is expected to be completed over the next few months. Fab.com has raised more than US$310 million since its inception.
Tencent is one of the strategic investors in Fab.com and will appoint a director to the company’s board. Fab.com is hoping that Tencent will help it expand into the Chinese markets.
Tencent is the third largest Internet company in the world with 825 million QQ users.