Dekoruma Announces 216.8 Billion Rupiah Funding, to Reach Positive EBITDA and Plans for IPO
Nexter Ventures by SCG Cement-Building Materials, KTB Network, and several previous stage investors are participated in this round, including Global Digital Niaga (Blibli), OCBC NISP Ventura, and Foundational.
Dekoruma announces series C1 funding worth of $15 million or equivalent to 216.8 billion Rupiah. Nexter Ventures by SCG Cement-Building Materials, KTB Network, and several previous stage investors are participated in this round, including Global Digital Niaga (Blibli), OCBC NISP Ventura, and Foundational. The additional capital will be used for the expansion of the Experience Center outside Jakarta and product/service development.
"The current focus is to grow our business and achieve positive EBITDA by the end of 2022. Furthermore, we will prepare for an IPO around the end of 2023," Dimas said.
Previously, the company announced a pre-series C round in May 2020 with the participation of InterVest Star SEA Growth Fund 1, Foundational, OCBC NISP Ventura, and Skystar Ventures. Participated also investors from the previous round.
Dekoruma has received series A funding from Skystar Capital, Beenext, and Convergence Ventures in 2016. Moreover, in 2018, they secured a million dollar series B round led by Global Digital Niaga (Blibli) and AddVentures.
Debuted in 2016, Dekoruma was originally an online marketplace platform for furniture products. Along with its development, they are now trying to connect consumers with furniture traders, interior designers, contractors, to property developers.
In 2019, they started expanding its business model with an online to offline (O2O) approach. With the distribution of Experience Centers in various cities, the company said to manage 2x productivity per square meter, including reducing acquisition costs and increasing online purchases in related cities.
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