Fabelio, an Indonesian online furniture retailer, has obtained USD 9 million in Series-C funding from AppWorks, a Taiwan venture firm. The funds will be used to expand the business by upgrading its supply-chain network, especially in terms of logistics and experience centers.
Besides AppWorks, Endeavour Catalyst, MDI Ventures and Aavishkaar Capital also participated in the funding round. In total, Fabelio has raised above USD 20 million and the company will be closing its funding round by 2020. It is aiming for an Initial Public Offering in 2022.
The home furniture market in Indonesia is estimated to be worth USD 6.7 billion. Increasingly, the country is also witnessing an influx of investment from US and Chinese companies who are looking to establish operations in the market.
(Source: Inside Retail)