Indonesia’s Sorabel confirms pre-Series C investment from Korea’s Ncore Ventures

Lingga Madu, Co-Founder of Sorabel and Jeffrey Yuwono, Co-Founder and CEO of Sorabel

Korean early stage VC firm Ncore Ventures has participated in the ongoing pre-Series C funding round for Indonesia’s fashion e-commerce startup Sorabel, the company confirmed to DealStreetAsia.

In a recent interview, Sorabel co-founder and CEO Jeffrey Yuwono said the company has closed “some commitments” for its new round but did not disclose the names of its investors.

DealStreetAsia had reported in May that Sorabel has raised fresh capital from Kejora-Intervest Growth Fund and Korean investor Shift for its Pre-Series C round, which Sorabel declined to confirm or deny.

The Kejora-Intervest Growth Fund confirmed its investment in Sorabel in a statement shared on the final close of its fund, while Shift lists Sorabel among its portfolio companies on its website.

Sorabel secured its Series B+ funding in mid-2017, raising $27 million in a round co-led by Singapore-based Golden Equator Capital and Gobi Partners, and joined by SMDV, Alpha JWC, Convergence Ventures, Korea Investment Partners and MNC Media.

All of Sorabel’s existing investors are learnt to have joined its pre-Series C round, including OpenSpace Ventures, which joined Sorabel’s Series B round after other investors.

Sorabel did not specify financial details of the investment by Ncore, which counts Southeast Asian companies Carro and Tiki.vn as portfolio companies.  Sorabel has also remained tightlipped on the targeted size of its new round, saying that its strong unit economics has given it “some flexibility” to either “take a little bit to take us to profitability or take more and try to accelerate”.

Formerly called Sale Stock, Sorabel describes itself as a fashion e-commerce store with produces and sells its own private label clothing.

The company last year introduced a new Coba Dulu Baru Bayar (try-before-you-buy) service, the first by an e-commerce firm in Southeast Asia.

It says that the fresh capital from its new funding round will be used to finance its offline venture, bring in third-party brands into its store and a possible expansion into new markets.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.