The existing investors in this market place for furniture – 500 Startups and IMJ Investment Partners – who had given Febelio $500,000 in seed funding last year, also participated in the Series A round.
CEO and co-founder Krishnan Menon said, in a statement, the company’s journey has just begun, and added that the startup had already served thousands of customers, while partnering with over 40 manufacturers.
“We are proud to have created more than 200 jobs between our suppliers and us in less than six months. Now, our goal is to establish ourselves as the go-to home furnishing destination,” he said.
The e-commerce firm said, it will use the funding to strengthen its logistics infrastructure, and offer a larger assortment of 15,000 products across all price points, and maybe even explore expansion into new regional markets.
Proceeds from this round will be used to ‘focus on growing the team and improving customer experience by opening a brand new showroom in Panglima Polim, South Jakarta in March 2016’, it added in a statement.
The investment will also see Stefan Jung, managing partner of Venturra Capital, join the company’s board.
“The founding team brings together all the puzzle pieces to succeed in a very large home and furniture market and we are excited to support Fabelio going forward in their growth,” Jung said in a statement.
Fabelio is also aiming to be a market place, and recently had launched a platform for furniture as well as home decor sellers across Indonesia, and claims to have significant interest from a wide array of sellers to be exclusively featured on it.
Justifying the move to participate in the followup round, Khailee Ng, Partner at US-based venture capital firm and incubator 500 Startups said Fabelio had shown ‘incredible growth coupled with a clear focus on sustainability’.
In addition to Menon, the founding team includes Christian Sutardi: formerly an Associate at Monk’s Hill Ventures, and co-founder of Lolabox, Marshall Utoyo, who had co-founded co-working space Conclave, and Srinivas Sista who was formerly with Lazada.
The company, which claims to be the largest online store for furniture in Indonesia, uses its own design studio to develop self-branded products, while partnering with other product and furniture designers.