Fab is pleased to announce an additional $5M investment in its Series D financing round today. The latest investment comes from ITOCHU Corporation of Japan, following prior investment by ITOCHU Technology Ventures, the VC arm of ITOCHU, in the initial $150M Series D kick-off round announced on June 19th.
ITOCHU is a leading sogo shosha (general trading company), specializing in international and domestic trade including general products, logistics services, and more. With 150 years of history in the merchandise trading business, and the largest network of third-party logistics warehouses in Japan, the ITOCHU team will be a key strategic partner as Fab continues its mission in creating the world’s design store.
Shunsuke Noda, Chief Operating Officer of ICT, Insurance & Logistics Division in ITOCHU Corporation, said, “Fab is one of the fastest growing e-commerce companies and the leading online design retailer in the US and Europe. We believe Fab has a huge potential to expand their business in Japan/Asia and we are very excited to work with Fab to realize their long-term vision of being the world’s design store.”
Fab and ITOCHU will endeavor to develop a joint venture agreement that will mutually invest in bringing Fab to Japan in 2014.
The funding from a key Asian partner underscores global investor endorsement of Fab’s commitment to offering unique, curated design products to consumers worldwide.