JAKARTA (TheInsiderStories) – Fabelio.com, an Indonesian start-ups that produce home furnishings got fresh funds from local investors worth US $ 6.5 million. Based on the company’s official release on Tuesday (22/05), Fabelio.com plans to expand outside of Java in the near future.
Previously in 2016, the Jakarta-based online furniture shop has received $2 million Series A funding led by Venturra Capital, 500 Startups and IMJ Investment Partners.
The company plans to open four new showrooms in Jakarta and Bogor, West Java this year. Currently, Fabelio have nine showrooms spread in Jakarta and West Java areas.
Krishnan Menon, Co-Founder and CEO of Fabelio.com, said that through the funding source Fabelio.com has the opportunity to grow its business in multiple areas. The first area to be developed by Fabelio.com is the Home By Fabelio service.
Fabelio.com will also develop design innovation and cooperate with small and medium enterprises. Furthermore, the startup will also develop technological innovations.
Currently Fabelio.com own site has been visited 1,000,000 unique visitors per month, it is seen important to improve the shopping experience so that customers feel at home to see the goods online, before touching and feel it in showrooms Fabelio.com.
Menon continues, Fabelio also have plan to explore new regional markets such as Malaysia and Singapore. The Southeast Asian market is wide open and the company intend to go after it aggressively, he added.
Launched in June 2015, Fabelio received new capital injection from the first from 500 Startups, KK Fund and IMJ Investment Partners in July 2015 with worth of $500,000 at the same year.
Founded by local entrepreneur Christian Sutardi – with previous affiliations at Monk’s Hill Ventures and Rocket Internet – Fabelio is going after the archipelago’s furniture e-commerce market.
Regardless, furniture e-commerce in the archipelago is still anyone’s game. The market in Indonesia seems like a real juicy playground to be on, as a growing middle-class means more Indonesians are shopping for items like desks and dining tables.
Retail research agency Conlumino projects that the Indonesian furniture market will reach $5.5 billion by 2018. Mid- and later stage investors would do well to bookmark Fabelio.
According to Convergence Ventures, Fabelio and nine others startup companies be the candidates looking for nine-digit investments. Information and Communication Minister Rudiantara believed Indonesia will have five unicorns by 2020.
Others, namely aCommerce has largest series A funding round, at $10.7 million, last year. Grocery delivery app HappyFresh has announced a $12 million series A round from a group of investors led by Vertex Ventures and Sinar Mas Digital Ventures (SMDV).
YesBoss is Indonesia’s SMS-based personal assistant startup that bagged seed funding from Sequola Capital $12 million also from other investors 500 Startups, Convergence Ventures, and IMJ Investment Partners.
eFishery,a tech solution for commercial aquaculture operations bagged a pre-series A funding round from Aqua-Spark, a Netherlands-based aquaculture investment fund, and Indonesian venture capital firm Ideosource.
Meanwhile, Jualo got a seed investment from Mountain Kejora and Alpha JWC Ventures. Indonesia’s Muslim fashion estore HijUp has two separate seed rounds, one of which was north of $1 million.
Furthermore, Kudo, and online-to-offline ecommerce has a slew of investors in Indonesia, including a handful of VCs and Emtek Group, one of the nation’s largest media firms. Zeemi.tv and Bridestory also targeted by financiers like Rocket Internet and others.