Terence Lee · · 1 min readIndonesian fashion startup Sale Stock raises $27m; bounces back after layoffs
Sale Stock, an Indonesian ecommerce startup that sells its own women’s fashion label, has raised a US$27 million “series B+” round co-led by venture capital firms Gobi Partners and Golden Equator.
Alpha JWC Ventures, Convergence Ventures, GEC, KIP, MNC, and SMDV also took part in the round.
Gobi backed the startup through its new US$200 million Meranti ASEAN Growth Fund, which has closed US$50 million so far, it said today.
The fund looks to back 15 or more startups in Southeast Asia. Its limited partners include MAVCAP, GS Shop, and CKM.
Sale Stock appeared to have gone through some rough patches last year, laying off over 100 people and trimming salary costs by 13 percent.
(Update on Aug 17: Added Golden Equator as a co-lead investor)
Editing by Malavika Velayanikal
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