Fab, a NYC-based website for design inspiration and sales, closed a $150m first tranche of its Series D round of financing.
Backers included Tencent, a large provider of comprehensive Internet services which will appoint a director to the Board, ITOCHU Technology Ventures as well as existing investors Atomico, Andreessen Horowitz, Menlo Ventures, RTP Ventures, Pinnacle Ventures, Lars Hinrichs, and Docomo Capital.
The round is expected to be completed over the next few months.
The company intends to use the capital to invest in additional enhancements to its supply chain, logistics, customer service, technology, and merchandising (opening up their own new Fab-operated warehouse in The Netherlands to serve European customers in 2013 and their 2nd Fab-operated warehouse in the U.S., in the Las Vegas area, in 2014) develop new products (working with 15,000+ design partners), invest in their own line of user-designed custom furniture, Fab Designed By You, which enables users to design their own tables, shelves, benches, etc., in mobile and social, and in their international growth.
Founded in 2011 by Jason Goldberg (Chief Executive Officer), Bradford Shellhammer (Chief Design Officer) and Nishith Shah (Chief Technology Officer), Fab allows people worldwide to discover design products, to connect with designers, and to share their favorite design inspirations.
The company, which currently serves more than 14 million members across 27 countries, is massively hiring (read here). It has its European headquarters in Berlin.