Indonesia-based e-commerce platform Sale Stock has secured $27m in a series B+ round that included Sinar Mas Digital Ventures (SMDV), the investment arm of conglomerate Sinar Mas, Tech in Asia reported today.
Media and entertainment group MNC Media Investment also participated in the round, which was led by venture capital firm Gobi Partners and backed by Alpha JWC Ventures, Convergence Ventures and KIP.
Sale Stock operates a mobile e-commerce platform that focuses on affordable women’s fashion, working directly with factories to keep costs low.
The company has not released details about previous funding rounds, though an earlier Tech in Asia report identified VC firm Ardent Ventures as an investor, and suggested SMDV could be a shareholder as Sale Stock maintained a presence at multiple Sinar Mas locations.
Gobi Partners invested in the series B+ round through its $200m Meranti ASEAN Growth Fund, which it has been raising on behalf of the Malaysian government-owned investment firm Malaysia Venture Capital Management since December 2016.
The fund announced a $50m close today, with limited partners including home shopping company GS Shop and investment firm CKM, after electronics company Bosch, networking equipment maker Cisco and consumer goods conglomerate Unilever were revealed as backers in June 2017.