- Angela Gonzalez-Rodriguez |
Indonesian fashion e-commerce retailer and brand partner start up Vela Asia announced the closure of series A funding, worth 1.5 million dollars. The fundraising has been led by Singapore-based Majuven, an early stage and growth stage VC fund.
As reported by ‘Deal Street Asia’, the funds will go towards growing its partners’ websites and expanding technology offerings.
Incorporated in 2012, Vela was founded by Susie Sugden and Bede Moore, who were acquired from the Boston Consulting Group by Rocket Internet to co-found Zalora in Indonesia. They eventually left Rocket Internet and founded Vela.
The investment in Vela is Majuven’s first investment in the e-commerce space and has been headed by managing partner Ho Kee Lim and executive director Chia Teck Yew.
Speaking on the investment, Chia stated: “We have been extremely impressed by the traction Vela has generated in such a short space of time. What is clear is that Vela is well-positioned to be the leading player in premium online fashion in Indonesia, and we wanted to be involved.”
“We were very pleased to close this deal with Majuven ahead of a number of other suitors,” says Veal Asia’s founder Bede Moore. “Majuven’s founding partners not only bring their network and experience to the table, they also have a great track record for providing the support and mentorship that young founders need.”