khailee

Fabelio raises US$2M Series A led by Venturra Capital

Existing investors 500 Startups and IMJ Investment Partners also participated in the round

South Jakarta-based online furniture shop Fabelio today announced it has received US$2 million Series A funding led by Venturra Capital.

Existing investors 500 Startups and IMJ Investment Partners also took part in the round.

Stefan Jung, Managing Partner of Venturra Capital, will also join the company’s Board.

“The incredible growth of the company coupled with a clear focus on sustainability convinced 500 Startups to do a follow-up investment in Fabelio,” said Khailee Ng, Partner at 500 Startups.

“The team is setting an example of how e-commerce startups can grow aggressively while keeping a strong emphasis on profitability and company culture,” he added.

Also Read: Close on Flipkart’s heels, Amazon India to sell furniture online

Fabelio plans to use the funding to develop new technology features, strengthen logistics infrastructure, offer a larger assortment of products, as well as explore new regional markets such as Malaysia and Singapore.

“We will be spending resources to explore supply scene in Malaysia this year, as well as other factors like logistics. We see ourselves entering Malaysia in late 2016 or early 2017, and possibly serve Singapore [through it],” said Krishnan Menon, CEO and Co-founder of Fabelio, via an email to e27.

“In fact, we have made a strategic hire in the executive team to head international expansion. The Southeast Asian market is wide open and we intend to go after it aggressively,” he added.

The startup will also grow the team and open a new showroom in Panglima Polim, South Jakarta, in March 2016.

Also Read: Indian furniture e-tailer MebelKart buys sports platform 53central

Fabelio received a US$500,000 seed funding from 500 Startups, KK Fund and IMJ Investment Partners in July 2015.

Launched in June 2015, the startup aims to make high-quality furniture more accessible by ‘streamlining traditional supply chain and innovating conventional design-manufacturing process’.

Apart from offering products developed by an in-house design team, Fabelio also partners with local ‘home and living’ brands. It provides an online marketplace, as well as project and supply management tools.

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500 Startups enters Myanmar with an investment in local search engine Bindez

The Yangon-based startup plans to use the funds to develop the team and product offering

Team Bindez with Khailee Ng, Managing Partner, 500Startups

Leading startup accelerator-cum-seed fund 500 Startups has made an entry into Myanmar, with an investment in local language search engine Bindez.

The size of the deal remains undisclosed.

“The funds will be utilised to develop the team and product offering further, and continue to grow our value proposition and user base through 2016,” Bindez Co-founder and CEO Rahul Batra told e27.

This is Bindez’s third and pre-Series A round. After a seed round in early 2014, it received two angel funding rounds — in late 2014 and early 2015.

Till date, the Yangon-based startup has raised over US$500,000,

Bindez was founded in 2013 by former Googler Batra, along with two techies Yewint Ko and Htet Will. Its first product Bindez Tha Din (a news discovery app for Android) was released in June 2015.

Also Read: Silvan gets US$500K to enable you to control home appliances smartly

The startup’s new product acts as an aggregator of the latest Burmese language news articles from reliable sources in Myanmar. The app will soon come out of Beta and is due for public release soon.

“We are focussed entirely on the Burmese user and Myanmar demographic for now, but will look to partner with similar search and media tech teams in other countries in the long run, depending on the evolution of our technology and products,” Batra said.

Also Read: 500 Startups invests in budget hotel booking platform RedDoorz

Bindez has partnered with telecom operator Ooredoo and device manufacturers and distributors, besides content hubs to bring the product to over 50,000 users in the country. So far, it has rolled out key information features related to the devastating Myanmar floods in July 2015 and the historic general elections in November 2015, drawing high engagement and public attention.

Khailee Ng, Managing Partner of 500 Startups, said: “In most parts of the world, Internet platforms like Facebook or Google are dominant. But in Myanmar, we see Bindez offering a locally developed, alternative way of consuming real-time, relevant information.”

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