Indonesian furniture ecommerce site Livaza has secured an undisclosed amount of seed funding from East Ventures.
Co-Founder and CEO William Budiharsono disclosed that the capital will be spent on funding overall product development, in addition to technical and organisational improvements.
The company said the seed round was a ‘six figure’ amount, indicating East Ventures’s investment is under a million dollars.
The move from East Ventures marks the first investment of the vertical in Indonesia, mirroring the heated Indian market investment on furniture e-commerce. This comes within days of East Ventures investing in Otten Coffee, an Indonesian online store specialising in coffee-related products.
Livaza was launched in February 2015 by Budiharsono in partnership with Eric Lemuel and Made Cynthia Rini. All three had previously worked in Boston Consulting Group and Accenture. Revano Satria, an Indonesian architect and interior designer, operates as chief design officer. Livaza’s concept is retailing high-end luxurious furniture products at affordable prices for Indonesian customers.
The seed fund will be useful to accelerate our product development and go-to-market,” said William Budiharsono. “We help seasonal and full-time designer to have their creation comes to live, we strongly support the creative industry and leverage technology to make it happen. They also can earn royalty when we market their products” he added in a statement.
In addition to online retail of furniture, Livaza also enables young Indonesian designers to showcase their furniture designs, earning royalties from furniture sales based on their designs. As the company scales, Budiharsono aims to achieve 10 percent of market share across the Asia Pacific in the 2015-2020 period.
Willson Cuaca, Managing Partner of East Ventures said: “Furniture category has been one area that I’m looking for a while. If you look at Indonesia second and third tier cities, other than convenience store, furniture stores are flourish and growing rapidly. This indicator mirror the lifestyle expectation of Indonesia fast growing middle class”.
Related Story: Otten Coffee raises Series A funding from East Ventures