Online design store Fab has raised $150m in funding from several investors, including Tencent, which makes it the latest start-up firm joining other technology companies that are valued at over $1bn.
The two-year old ecommerce firm joins Instagram, Tumblr and Waze, which each valued at $1bn after being acquired by Facebook, Yahoo, and Google respectively.
The new funding would allow Fab to expand its presence in Asia and improve its supply-chain operations and it is also aiming sales of about $200m to $300m in 2013.
As part of the funding round, the Chinese online gaming and social networking firm Tencent will have option to appoint a new director to Fab’s board and assist in expanding in the Chinese market.
Fab has received $310m in investment by now and has acquired five firms, with plans to raise an additional $50m to $100m in the following few months.
Launched as a gay social network before moving to e-commerce in 2011, the online retailer claims having about 13 million members as of April 2013 and reports sales growth of over 500% in 2012.
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