JAKARTA - Online furniture retailer Fabelio has pocketed US$9 million in a Series C funding round led by AppWorks, Endeavour Catalyst, and MDI Ventures and joined by existing investor Aavishkaar Capital. The round has increased Fabelio’s total funding to US$20 million.
The fresh funds, said Fabelio CEO and co-founder Marshall Tegar Utoyo, will be used by the company to expand to several cities in Java and Bali by November 2020.
“Our primary focus is on improving product categories and delivery time. Apart from that, we will expand our business across Indonesia by opening new warehouses and experience centres in several new cities,” Mr Utoyo said in an official statement received by IDNFinancials.com, Wednesday (17/6).
Established in 2015, Fabelio currently operates three domestic offices and 20 experience centres in the Greater Jakarta area and Bandung with 430 staffers. The company has also served over 1,000 business-to-business (B2B) projects, ranging from residential properties to shopping centres and public facilities.
In 2020, Fabelio plans to focus on increasing its market share by recruiting engineering talents and through online marketing, product development, and operational improvement. The company is also currently seeking Southeast Asian and Chinese investors to close its Series C funding round by the end of the year. (MS)