by Ulisari Eslita
Furniture ecommerce startup Fabelio announced that it had raised $9 million as part of its series C round - bringing its total funding to more than $20 million. The investment was led by Taiwanese venture firm AppWorks, Endeavor Catalyst, and MDI Ventures. Its existing investor, Aavishkaar Capital, also joined the round.
Marshall Tegar Utoyo, cofounder and CEO Fabelio said that the fund would be used to increase product categories and improve delivery times.
The funding round aims to accelerate further the development of Fabelio's supply chain network of logistics hubs and experience centers. With a more robust supply chain network, the startup also hopes to expand into new regions and cities within Indonesia such as Java and Bali by November this year. Currently, Fabelio has 20 experience centers spread within Jabodetabek and Bandung.
“We want to expand our business to all over Indonesia by building warehouses and experience center in new cities,” said Marshall.
The company will focus on increasing its market share this year by conducting more engineer recruitment, online marketing, product development and operational refinement. Fabelio aims to close its Series C funding round by the end of this year, and thus is actively looking for investment from Southeast Asia and China.
Founded in 2015, the firm's main product offering online is the work of Indonesian designers. The company also provides a B2B (business-to-business) service for properties, such as interior-design consultancy for those seeking to furnish homes, office spaces, hotels or restaurants. Fabelio last raised a $6.5 million series B in 2018 led by Aavishkaar Capital.