Indonesian fashion e-commerce startup Sorabel has raised a pre-Series C funding round from a host of investors including Kejora-Intervest Growth Fund and Korean VC firm Shift, DEALSTREETASIA has learnt.
According to a source familiar with the deal, the round was closed a few months ago, but the size of the funding remains undisclosed.
The Kejora-Intervest Growth Fund confirmed its investment in Sorabel in a statement shared on Thursday on the final close of its fund. Shift, meanwhile, lists Sorabel among its portfolio companies on its website but in an email response said it could not provide any additional details.
Sorabel, formerly known as Sale Stock, had not responded to our query at the time of publishing.
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 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.
Sorabel, which produces private label clothing, described itself as Indonesia’s mobile Zara in an interview last year, saying it aims to make affluent and latest fashion affordable for the country’s middle-class consumers.
It focuses on serving tier two and three cities outside of Java, from where it generates over 60 per cent of its revenue.
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.
Its rebranding as Sorabel, which took place at the start of this year, was done to strengthen its position as a fashion brand largely serving female customers, which it refers to as “Sista”.
As a women-focused fashion commerce player, Sorabel faces competition from the likes of Berrybenka and Zalora, but also faces stiff competition in the e-commerce realm from giants like Shopee and Lazada, which also sell fashion items on their platforms.