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Fab CEO: Why we choose Tencent in China?

  36 Kr      2013-06-19 03:05:03      1,569    0    0

Today one important news is that Fab completes its D round fund raising with 150 million US dollars. Regarding this round of fund raising, Fab CEO Jason Goldberg explained : "If Fab wants to do business in US only, then it's not necessary to raise so much money.". Also from the investment of Tencent and Itochu from Japan, China and Japan will be Fab's new market of expansion.

Why does Fab choose to cooperate with Tencent to expand Chinese market?(There was news that Alibaba was also contacting Fab for the cooperation)? Goldberg gave his explanation while interviewed by AllThingsD.

“We had a lot of other companies that wanted to invest in Fab and most of them wanted conditions and stipulations around it being their brand out front or having a separate [joint venture] in their country,” Goldberg said. “We thought that was backwards.”

One of the reasons Tencent was an attractive strategic investor was because it was amenable to a relationship that would keep the Fab brand front and center, he added, even as it helped bring the company’s products to the Chinese market.

How will Fab cooperate with Tencent and Itochu is still under discussion. Also it is said another e-Commerce giant Alibaba also has interest in investing on Fab. Goldberg didn't comment on this, but he said there were various other companies that they spoke to and many of them wanted different stipulations which they weren’t willing to acquiesce to

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