Indonesian online furniture retailer Fabelio has raised US$9 million in a Series-C funding round led by Taiwanese venture firm AppWorks.
The investment now boosts Fabelio’s total funding above $20 million, with the firm on track to closing the funding round by the end of the year, with a public offering scheduled for 2022.
“We have not decided on the destination for the IPO,” a source from Fabelio told The Business Times, “but the main consideration is the scale of the business. Of course, we will consider raising from private markets as well”.
Other investors participating in the round are Endeavour Catalyst and MDI Ventures, backed by Telkom Group, as well as Aavishkaar Capital.
The new funding will assist in the firm’s expansion push by bolstering its supply-chain network with further logistics hubs and experience centres.
“Our main focus will be to improve our product categories and improve delivery times,” said Fabelio co-founder and CEO Marshall Tegar Utoyo.
“Additionally, we are seeing more US and Chinese companies are setting up operations in Indonesia, opening up opportunities for global trade and manufacturing. These market trends, combined with their efforts, will enable us to win a larger market share in this exciting $6.7 billion home furniture market in Indonesia.”