Get New Funds in First Round of Series C Funding, Fabelio Successfully Collects 283 Billion Rupiah (UPDATED)

Fabelio, E-commerce which focuses on selling furniture needs, today (17/6) announced the acquisition of new funds for the first closing of series C funding of US$9 million or equivalent to 127,5 billion Rupiah. So, if it is totaled with the nominal obtained previously, Fabelio has earned a total funding of US$20 million or equivalent to 283,4 billion Rupiah.

The investors who led this investment were AppWorks, Endeavor Catalyst, and MDI Ventures, with the involvement of the previous investor Aavishkaar Capital.

Series C funding will continue, targeted to close by the end of 2020. The company expects participation from investors in Southeast Asia and China.

The funds obtained will be focused on accelerating logistics supply chain network and experience centre Fabelio. This step was taken in line with the company's mission to expand domestically in a number of cities in Java and Bali, the target is until November 2020.

Co-Founder & CEO Fabelio Marshall Tegar Utoyo said, after five years of improving the business and instilling the basic values ​​of the strategy, 'new retail', Fabelio is poised to accelerate growth with this funding. "Our main focus is on increasing product categories and delivery times. Beyond that, we will expand our business throughout Indonesia."

Meanwhile the Co-Founder Fabelio Christian Sutardi added, "A significant portion of this funding will be invested in technology, which includes upgrading our current technology team of 40 engineer," added Christian.

In Indonesia, Fabelio is not alone, there are several platforms online which specifically sells furniture specifically online. Two of them are RupaRupa and Dekoruma. Ruparupa itself is affiliated with the Kawan Lama Group, which also operates retail companies Informa and Ace Hardware in Indonesia, both of which are closely related to furniture products and home furnishings needs.

Meanwhile, Dekoruma also sells the same product. Not only as E-commerce who sell goods, they are also present as a platform online for interior design needs, connecting thousands of designers with potential customers. The company has earned C . pre-series funding last May 2020.

Target profitable in 2022

Previously, the company managed to close a series B funding of US$6,5 million in 2018. Bringing expansion of service coverage in Greater Jakarta and Bandung, through 3 offices and 20 experience centre owned, and employs 430 staff. The company claims that to date they have succeeded in increasing customer acquisition growth by up to 82% with 1000 B2B projects being undertaken -- including the fulfillment of residential, apartment, and office furniture.

With this trend, Fabelio is quite optimistic that he can achieve profitability in 2022.

Christian said, in recent years the sales contribution online In every vertical industry in Indonesia, it is clear that there is a significant increase, both for electronic products, fashion, foodstuffs, and furniture.

"In April 2020 for example, we recorded sales online our highest with a number that exceeds sales on shopping days online Indonesia's most popular (Harbolnas) on 12/12. Future E-commerce is now much brighter, and developments will continue to be positive along with support in terms of infrastructure and payment system improvements,” he said.

Jessica Liu as Partner of AppWorks who now joins the Board of Directors of Fabelio said, "Value customer-first they shape a better shopping experience and become a transformation-driven business category. We are delighted to join Fabelio in their mission to change the future of the Indonesian furniture industry."