Left to right: Christian Sutardi (Co-Founder, Fabelio), Marshall Tegar Utoyo, CEO, Fabelio
Indonesian online furniture retailer Fabelio announced that it has made US$9 million first close of its Series C round, bringing its total funding to more than US$20 million. The round was led by Taiwanese venture firm AppWorks, Endeavour Catalyst, and Telkom Group-backed MDI Ventures, joined by existing investor Aavishkaar Capital.
The company plans to use this funding to further accelerate the development of its supply chain network of logistics hubs and experience centres. This is aimed to support its domestic expansion plan into new regions and cities within Indonesia, such as Java and Bali, by November.
As part of this latest round, AppWork’s’ Partner Jessica Liu will be joining Fabelio’s Board of Directors.
Marshall Tegar Utoyo, CEO and Co-Founder at Fabelio said, “Our main focus will be to improve our product categories and improve delivery times. On top of that, we will expand our sphere of influence across Indonesia by opening new warehouses and experience centres in new cities.”
“Additionally, we are seeing more US and Chinese companies are setting up operations in Indonesia, opening up opportunities for global trade and manufacturing. These market trends, combined with their efforts will enable us to win a larger market share in this exciting US$6.7 billion home furniture market in Indonesia,” he added.
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Founded in 2015, Fabelio offers well-crafted furniture from local designers at attractive prices, offering free same-day delivery services and a two-year warranty period for all its products.
On top of that, the company also positions itself as a bespoke B2B service for properties, providing a free interior design consultancy for those seeking to furnish homes, office spaces, hotels, or restaurants.
In 2018, Fabelio raised US$6.5 million in Series B funding in 2018 and has since grown to have three domestic offices and 20 showrooms in Greater Jakarta Area and Bandung with a headcount of 430 staff handling more than 1,000 B2B projects.
EN Venkat, Partner at Aavishkaar Capital, added his take: “Fabelio has deep networks with artisans and manufacturers from local furniture-making centres in Indonesia. Their effort in empowering Indonesian Micro-Small Medium Enterprises (MSMEs) is what drove us to be involved in their omnichannel furniture business.”
Also Read: Fabelio raises US$2M Series A led by Venturra Capital
Fabelio said that its primary focus for 2020 will be increasing market share through the hiring of key engineering talent, continued online marketing efforts, product development, and operational improvements.
It is now actively seeking regional investors in Southeast Asia and China to conclude its Series C round by end-2020.
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Image Credit: Fabelio
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