Singtel Boosts Fab’s Asia Plans, Invests $10 Million

America’s design e-commerce site Fab announces today (via TechCrunch) an additional partner to its series D financing round in the form of Singaporean telco Singtel (SGX:Z74). The mobile giant forks out $10 million to add to Fab’s $150 million series D fund so far, and this partnership also signals Fab’s intention to expand to the Asian market.

Fab CEO Jason Goldberg comments about this partnership:

SingTel has a lot in common with Fab – they serve a growing, young, and sophisticated population of consumers who are looking for lifestyle products to reflect their optimistic, dynamic and vibrant approach to life. That matches well with the predominantly 25 to 45-year-olds who come to Fab to browse and buy unique and compelling items they’ll live with in their homes, wear, and gift.

Singtel joins China’s Tencent and Japan’s Itochu as Asia-based investors in Fab’s series D round which now has raised a whopping $160 million. The company is still raising more money and will announce more partners in the future.

Fab doesn’t disclose if it is going to expand to Singapore because of this partnership. One particular Asian market that Fab is keen on exploring is China, and one possible player to challenge Fab in that country is Chinese flash sales site Xipin. But Fab has recently pivoted its business model from being a flash sales site to “more of a comprehensive global online lifestyle shop,” as explained by Jason.

With Fab eyeing the Asian market, do you think it’s a good indication for entrepreneurs to start building Fab-like, design-oriented e-stores in Southeast Asia? There is already Singapore-based Hipvan which has expanded to neighboring Malaysia.

Besides Fab, SingTel has also recently partnered with Shopify in Southeast Asia as its distribution partner. It seems clear that SingTel has set its sights on the e-commerce space.

(Source: TechCrunch)

(Editing by Willis Wee and Steven Millward)