Azure Ventures Injects D2C Startup Fine Counsel, Strengthens Technology and Analytics

D2C fashion startup Fine Counsel announced fresh funding led by Azure Ventures at an undisclosed amount. The company will use the fresh funds to invest in brand development, product innovation, distribution expansion omni-channel, and develop technology and analytics to provide a better customer experience seamless pattern.

Fine Counsel was founded in 2018 by Kaleb Lucman with the vision of creating premium-class lifestyle products of international quality. The variety of shoe products balances appearance classy with casual, also prioritizes comfort and the main function of the product. Since its launch, the company has collaborated with many partners, such as Mini Cooper, Big Bear and Bird, and badminton athlete Greysia Polii. With this partnership, it is able to increase revenue up to ten times.

Kaleb reveals there is a possibility to acquire brand who share a common vision and values ​​to complement the Fine Counsel ecosystem. "We always want to show the world that Indonesia has the potential to produce high-quality works and classy designs," said Kaleb in an official statement.

shareholders and brand ambassador Fine Counsel Greysia Polii added, “We are trying to make Fine Counsel a lifestyle brand leading company in Indonesia which is synonymous with good design and quality. This company has fundamental that can win the hearts of fans fashion in Indonesia and beyond.”

Commenting on the investments made, Azure Ventures Managing Partner Felix Setyomulyono said, Fine Counsel is one of the D2C brands with a strong track record of product innovation and has close relationships with its customers. "We are proud and excited to partner with the Fine Counsel team in this next phase of growth in integrating technology into the market, developing their brand faster and achieving steady growth," he said.

D2C Trend

According to data compiled in the "Driving Growth with D2C" report by Ogilvy, Commercetolls, and Verticurl, current brand owners must have a D2C digital strategy to win the market. The main goal is to build a more personal relationship with customers, thereby creating a more effective and engaging brand experience as a value proposition. D2C provides invaluable ownership of customer data.

One case study that is widely told is the success of Perfect Diary, a cosmetic brand from China. Founded in 2016, the startup achieved impressive growth throughout its 2 years of business. Even in 2019, they became one of the three brands with the most sales. Until finally in 2020 decided to IPO with a valuation of $ 7 billion. Their main strategy is none other than D2C.

There are three main pillars that ideally brand owners get in D2C strategy they. First, it allows them to find product differentiation, this unique value is considered to invite more customers. Second, the ability to empower customer data to better understand their needs and characteristics. And third, encourage brand leadership with more agility overall, including on the operational side.

Seeing the same opportunities, some local players try their luck in the sector. East Ventures himself also invested in another D2C startup in the skin care field called Base and a plant-based beverage called Mohjo. There is also Hypefast who is here to help brand owners sharpen their D2C strategies -- including by providing capital, network, access, and operational support.

On the investor side, apart from East Ventures, several other local venture capitalists have also started to enter there. Starting from Alpha JWC Ventures, AC Ventures, to BRI Ventures through Sembrani. Recently, Kinesys has collaborated with The-Wolfpack specifically to strengthen the D2C ecosystem in its portfolio.

For the fashion business itself, until now it still dominates sales in online shopping globally. Innovation is needed to maintain this growth, along with changing trends that occur among consumers.