Wed, 08 Jul 2015
Indonesian furniture startup Fabelio, which launched in early June, announced earlier today that it closed a seed funding round of US$500,000 from a group of investors. The round was led by 500 Startups, and followed by KK Fund, IMJ Investment Partners, and two angel investors; Sandeep Tandon, co-founder of Freecharge, and Roshni Mahtani, founder of TheAsianparent.

Fabelio offers custom furniture for the Indonesian market from local designers. It currently has a free delivery service and a two-week return policy. Fabelio also positions itself as a business-to-business service, offering a personal assistant and a free interior design consultation for those seeking to furnish an entire office space or restaurant.

In Southeast Asia, Fabelio co-founder and CEO Krishnan Menon previously worked for Freecharge, Lazada Indonesia, and Zalora. Christian Sutardi is another name that local tech entrepreneurs may recognize. He is the co-founder of Fabelio and has a long history in Indonesia’s startup ecosystem. Starting out as part of the Foodpanda team in 2012, he went on to start a beauty box company, Lolabox, which failed and shut down in May 2014. He then became an associate at Monk’s Hill Ventures, before setting out to build Fabelio. The other two co-founders are Marshall Utoyo, one of the proprietors of the popular Jakarta co-working space Conclave, and Srinivas Sista, who has previously worked with Lazada Indonesia and the Lazada Group.

fabelio-funding-seed

The furniture startup faces some competitors in Indonesia, among them East Ventures-backed Livaza, BeliFurniture, FurnishLab, and Kikayu (Disclosure: East Ventures also invests in Tech in Asia. See our ethics page).

However, Fabelio believes the market in Southeast Asia is still a blue ocean, with opportunities for those who move fast and aggressively. In a statement, the company points to emerging markets like India and Brazil, where furniture startups like Urban Ladder (India) and Oppa (Brazil) were able to attract prominent investors such as Sequoia Capital and Peter Thiel.

The company sees Indonesia as a potential hub of quality furniture craftsmanship, with the advantage of low labor costs. According to the firm, the archipelago so far lacks a platform for designers and consumers to meet. Fabelio seeks to bridge this gap by inviting designers to display and sell their work through the website, while Fabelio handles the production and distribution.

The furniture and homeware market in Indonesia is a sizable and growing market. According to Fabelio, retail research agency Conlumino projects that the Indonesian furniture market will reach US$5.5 billion by 2018. The company claims to have more than 350 unique product listings (SKUs) on its website, and intends to offer more than 2,000 products by end of the year. Fabelio’s ambition is to also take Indonesian furniture to foreign markets, such as Singapore, Thailand and Australia.

Editing by Leighton Cosseboom





News Search/Filter
Transaction Rates
21 Sep 18
Buy
Sell
AED1
3,921.30
3,921.30
AFN1
190.07
190.07
ALL1
133.31
133.31
AMD1
29.85
29.85
ANG1
7,803.77
7,803.77
AOA1
50.02
50.02
ARS1
377.00
377.00
AUD1
10,494.30
10,494.30
AWG1
8,002.06
8,002.06
AZN1
8,460.31
8,460.31
BAM1
8,628.63
8,628.63
BBD1
7,201.83
7,201.83
BDT1
171.50
171.50
BGN1
8,659.80
8,659.80
BHD1
38,201.08
38,201.08
BIF1
8.12
8.12
BMD1
14,403.67
14,403.67
BND1
9,536.54
9,536.54
BOB1
2,083.70
2,083.70
BRL1
3,532.64
3,532.64
BSD1
14,403.67
14,403.67
BTC1
94,218,143
94,218,143
BTN1
199.94
199.94
BWP1
1,347.59
1,347.59
BYN1
6,912.37
6,912.37
BZD1
7,163.16
7,163.16
CAD1
11,157.14
11,157.14
CDF1
8.81
8.81
CHF1
15,020.91
15,020.91
CLF1
616,068.39
616,068.39
CLP1
21.59
21.59
CNH1
2,106.88
2,106.88
CNY1
2,103.80
2,103.80
COP1
4.77
4.77
CRC1
24.87
24.87
CUC1
14,403.67
14,403.67
CUP1
564.85
564.85
CVE1
152.70
152.70
CZK1
663.62
663.62
DJF1
80.89
80.89
DKK1
2,274.38
2,274.38
DOP1
288.09
288.09
DZD1
122.60
122.60
EGP1
804.18
804.18
ERN1
960.43
960.43
ETB1
519.01
519.01
EUR1
16,962.48
16,962.48
FJD1
6,791.14
6,791.14
FKP1
19,113.92
19,113.92
GBP1
19,113.92
19,113.92
GEL1
5,886.28
5,886.28
GGP1
19,113.92
19,113.92
GHS1
2,968.86
2,968.86
GIP1
19,113.92
19,113.92
GMD1
296.17
296.17
GNF1
1.58
1.58
GTQ1
1,873.54
1,873.54
GYD1
68.92
68.92
HKD1
1,836.51
1,836.51
HNL1
599.15
599.15
HRK1
2,283.97
2,283.97
HTG1
207.17
207.17
HUF1
52.43
52.43
IDR1
1.00
1.00
ILS1
4,032.65
4,032.65
IMP1
19,113.92
19,113.92
INR1
200.81
200.81
IQD1
12.07
12.07
IRR1
0.33
0.33
ISK1
131.06
131.06
JEP1
19,113.92
19,113.92
JMD1
105.81
105.81
JOD1
20,301.08
20,301.08
JPY1
128.04
128.04
KES1
142.89
142.89
KGS1
211.39
211.39
KHR1
3.51
3.51
KMF1
34.33
34.33
KPW1
16.00
16.00
KRW1
12.89
12.89
KWD1
47,600.83
47,600.83
KYD1
17,276.52
17,276.52
KZT1
40.40
40.40
LAK1
1.69
1.69
LBP1
9.51
9.51
LKR1
85.33
85.33
LRD1
93.07
93.07
LSL1
993.35
993.35
LYD1
10,444.25
10,444.25
MAD1
1,539.75
1,539.75
MDL1
855.28
855.28
MGA1
4.21
4.21
MKD1
275.44
275.44
MMK1
8.92
8.92
MNT1
5.89
5.89
MOP1
1,782.08
1,782.08
MRO1
40.34
40.34
MRU1
402.33
402.33
MUR1
419.93
419.93
MVR1
935.30
935.30
MWK1
19.81
19.81
MXN1
764.09
764.09
MYR1
3,480.32
3,480.32
MZN1
236.90
236.90
NAD1
993.87
993.87
NGN1
39.68
39.68
NIO1
448.38
448.38
NOK1
1,767.73
1,767.73
NPR1
124.96
124.96
NZD1
9,622.66
9,622.66
OMR1
37,410.89
37,410.89
PAB1
14,403.67
14,403.67
PEN1
4,366.28
4,366.28
PGK1
4,331.57
4,331.57
PHP1
266.31
266.31
PKR1
116.68
116.68
PLN1
3,953.21
3,953.21
PYG1
2.45
2.45
QAR1
3,955.87
3,955.87
RON1
3,644.72
3,644.72
RSD1
143.54
143.54
RUB1
217.02
217.02
RWF1
16.45
16.45
SAR1
3,840.52
3,840.52
SBD1
1,825.76
1,825.76
SCR1
1,058.69
1,058.69
SDG1
799.88
799.88
SEK1
1,641.73
1,641.73
SGD1
10,552.37
10,552.37
SHP1
19,113.92
19,113.92
SLL1
1.71
1.71
SOS1
24.89
24.89
SRD1
1,931.30
1,931.30
SSP1
110.57
110.57
STD1
0.68
0.68
STN1
686.21
686.21
SVC1
1,645.47
1,645.47
SYP1
27.96
27.96
SZL1
993.71
993.71
THB1
445.10
445.10
TJS1
1,527.62
1,527.62
TMT1
4,103.63
4,103.63
TND1
5,214.59
5,214.59
TOP1
6,233.90
6,233.90
TRY1
2,314.61
2,314.61
TTD1
2,136.23
2,136.23
TWD1
468.78
468.78
TZS1
6.31
6.31
UAH1
513.20
513.20
UGX1
3.76
3.76
USD1
14,403.67
14,403.67
UYU1
434.96
434.96
UZS1
1.79
1.79
VEF1
0.05
0.05
VND1
0.62
0.62
VUV1
132.75
132.75
WST1
5,564.41
5,564.41
XAF1
25.85
25.85
XAG1
206,433.12
206,433.12
XAU1
17,390,916.87
17,390,916.87
XCD1
5,329.66
5,329.66
XDR1
20,216.93
20,216.93
XOF1
25.85
25.85
XPD1
15,179,983.43
15,179,983.43
XPF1
142.14
142.14
XPT1
12,019,793.44
12,019,793.44
YER1
57.52
57.52
ZAR1
1,006.36
1,006.36
ZMW1
1,258.06
1,258.06
ZWL1
44.68
44.68
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services