South Jakarta-based online furniture shop Fabelio today announced it has received US$2 million Series A funding led by Venturra Capital.
Existing investors 500 Startups and IMJ Investment Partners also took part in the round.
Stefan Jung, Managing Partner of Venturra Capital, will also join the company’s Board.
“The incredible growth of the company coupled with a clear focus on sustainability convinced 500 Startups to do a follow-up investment in Fabelio,” said Khailee Ng, Partner at 500 Startups.
“The team is setting an example of how e-commerce startups can grow aggressively while keeping a strong emphasis on profitability and company culture,” he added.
Fabelio plans to use the funding to develop new technology features, strengthen logistics infrastructure, offer a larger assortment of products, as well as explore new regional markets such as Malaysia and Singapore.
“We will be spending resources to explore supply scene in Malaysia this year, as well as other factors like logistics. We see ourselves entering Malaysia in late 2016 or early 2017, and possibly serve Singapore [through it],” said Krishnan Menon, CEO and Co-founder of Fabelio, via an email to e27.
“In fact, we have made a strategic hire in the executive team to head international expansion. The Southeast Asian market is wide open and we intend to go after it aggressively,” he added.
The startup will also grow the team and open a new showroom in Panglima Polim, South Jakarta, in March 2016.
Fabelio received a US$500,000 seed funding from 500 Startups, KK Fund and IMJ Investment Partners in July 2015.
Launched in June 2015, the startup aims to make high-quality furniture more accessible by ‘streamlining traditional supply chain and innovating conventional design-manufacturing process’.
Apart from offering products developed by an in-house design team, Fabelio also partners with local ‘home and living’ brands. It provides an online marketplace, as well as project and supply management tools.
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