Indonesia’s Vela Asia closes $1.5M series A funding round from Singapore-based Majuven

Indonesian fashion ecommerce and brand partner Vela Asia announced today that it closed a series A funding round of US$1.5 million led by Singapore-based venture capital firm Majuven. Vela Asia will use the funds to drive growth across its partners’ websites and expand its technology offerings. Brands working with Vela Asia currently have access to real-time information about website performance, but the co-founders say this is also something they want to improve.

Vela Asia is a two-year-old company in Jakarta, and claims to have captured an appealing section of Indonesia’s online fashion market. Vela represents international fashion brands such as Lee Cooper and Havaianas by building and operating their ecommerce stores in Indonesia. The startup says it is currently the exclusive online partner for more than ten fashion brands, and there will be more coming soon. “Brands have responded extremely positively to our model,” says co-founder Susie Sugden. “They can see how quickly the segment is growing and they want to take advantage of that growth.”

Majuven is run by several prominent business figures including SingPost chairman Ho Kee Lim and former SingTel CEO Lee Hsien Yang. The investment in Vela is part of a wider push by Majuven to expand its holdings in ecommerce. The VC firm adds that it is currently working on a number of other regional deals.

“We have been extremely impressed by the traction Vela has generated in such a short space of time,” says Tek Yew Chia, executive director of Majuven. “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.”

Sugden co-founded Vela Asia with fellow ex-Rocket Internet managing director Bede Moore. The pair originally came to Indonesia to work in retail for the Boston Consulting Group, according to Moore, but soon found themselves head-hunted by Rocket to co-found Zalora in Indonesia. The pair ultimately left Rocket Internet to pursue their own startup vision in the form of Vela Asia.

“We were very pleased to close this deal with Majuven ahead of a number of other suitors,” says Moore. “Majuven’s founding partners not only bring an unrivalled network and experience to the table, they also have a great track record for providing the support and mentorship young founders need.”

Vela was founded in 2012 to support brands and manufacturers sell their wares online in the growing Indonesian ecommerce market. It provides end-to-end support, from website to warehouse. The startup says it is also working on three new sites, which are all set to roll out over the next two months.

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