Gobi Partners, Alpha JWC Ventures, Convergence Ventures, KIP, MNC, and SMDV have invested into SaleStock

Venture capital firm Gobi Partners today announced that it has co-led a US$27 million Series B+ funding round into SaleStock, an Indonesian fashion e-commerce startup.

The round marks the venture capital firm’s first investment into the startup.

Alpha JWC Ventures, Convergence Ventures, KIP, MNC, and SMDV also participated in the funding round.

In a press statement, SaleStock co-founder Lingga Madu said that the new capital injection will be used to “further strengthen our position as the market leader in Indonesia, and to be profitable in the near term.”

The investment is part of Gobi Partners’ US$200 million Meranti ASEAN Growth Fund; the firm announced the first closing of US$50 million today.

Initial limited partners for the fund are MAVCAP, GS Shop, and CKM, and it is looking to invest in 15 or more companies in Southeast Asia.

Also Read: Gobi Partners leads US$7M round in Chinese drone sharing startup that serves farmers

Known as a relatively media shy company, Sale Stock has never made any public announcement about their fundraising until today. It has been rumoured to raise funding from Ardent Capital, which was merged into Wavemaker Partners in 2016.

Last year, the startup laid off “hundreds” of its employees despite claiming that it has achieved 25 per cent growth within 18 months of operations. In his official statement, Madu stressed the company’s focus in building a sustainable and profitable business.

The startup also partners with messenger app LINE and implements an AR-based “changing room” feature.

It was named as the best Indonesia-based startup to work for by Jobplanet in December 2016.

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Yon Heong Tung also contributed to this report.

Image Credit: krayout / 123RF Stock Photo

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