Securing Series C Funding of IDR 127 Billion, Fabelio Prepares to Expand
Furniture startup or startup, Fabelio, pocketed series C funding of US $ 9 million or around Rp 127 billion. This funding will certainly be used by companies to support business and expansion throughout Indonesia. This expansion includes the opening of branches in various main areas of Java and Bali in late 2020.
The injection of fresh funds was led by a venture capital company from Taiwan, AppWorks, Endeavor Catalyst, and MDI Ventures supported by TelkomGroup. As part of this funding, AppWorks Partner Jessica Liu will join the Fabelio Board of Directors.
Aavishkaar Capital as the previous Fabelio investor also contributed to this series C funding. In total, Fabelio has pocketed funding of more than US $ 20 million. CEO and Co-Founder Fabelio Marshall Tegar Utoyo said, after five years of increasing business and instilling the value of the ‘new retail’ strategy, the company is ready to accelerate its business growth through Series C funding.
Marshall revealed that the main focus after this funding was to improve product categories and delivery times. In addition, the company will also expand throughout Indonesia by opening new storage warehouses and experience centers in other cities throughout Indonesia.
He explained, the company saw an opportunity for global trade and manufacturing because many companies from the United States (US) and China established an operating base in Indonesia. According to him, if this trend is combined with various efforts that have been taken by the company, it will enable Fabelio to gain a greater share in the furniture market in Indonesia, which is valued at US $ 6.7 billion.
This Startup will Recruit HR to Support the Expansion
He explained, Fabelio’s main focus this year was to increase market share that would be supported through efforts to recruit human resources in the field of engineering, online marketing efforts, product development, and operational improvements.
Actively, this startup is seeking investor support from Southeast Asia and China to close the series C funding round. That way, the mission to provide quality furniture can be fulfilled, and customer service can be improved.
Fabelio Co-Founder Christian Sutardi added, in recent years, the contribution of online sales in every vertical industry in Indonesia has increased significantly, both for electronic products, fashion, food ingredients, and furniture. This trend is expected to continue to increase massively, due to the effects of the coronavirus pandemic or Covid-19.
Christian is also optimistic that the future of e-commerce is now much brighter and its development will continue to be positive. Therefore, Fabelio will allocate funding from investors to strengthen technology.
He also explained that this funding would be invested to improve the technology team which currently numbered 40 people, to support the business to be more advanced.
Already Have 3 Domestic Offices since the Previous Series Funding
Fabelio Co-Founder Christian Sutardi said that in recent years, the contribution of online sales in every vertical industry in Indonesia clearly experienced a significant increase in electronics, fashion, food ingredients, and furniture.
For information, since reaching series B funding of US $ 6.5 million in 2018, Fabelio has expanded its business exponentially in Indonesia with the presence of three domestic offices and 20 experience centers in strategic areas such as Jakarta, Bogor, Depok, Tangerang, Bekasi (Greater Jakarta) and Bandung, and has a staff of 430 people.
Fabelio also offers business to business (B2B) services for property, providing interior design consultations for customers who want to complete their homes, office space, hotels, or restaurants.
Until now, Fabelio has experienced customer acquisition growth of up to approximately 82%. Until 2020, this startup serves more than 1,000 B2B projects ranging from residential and apartment residential properties, offices to shopping centers.