Sorabel, an Indonesia-based fashion e-commerce company backed by corporates MNC Media and Sinar Mas, is to shut down after its operations succumbed to the Covid-19 pandemic, E27 has reported.
The company’s assets will be dispersed following liquidation and its employees terminated on July 30.
Founded in 2014 as Sale Stock, Sorabel was an online fashion portal catered to young female consumers in Southeast Asia with an automated chatbot assistant that suggested products to fit the user’s fashion taste.
Sorabel laid off employees in 2016 but was reportedly expanding again with plans to enter regions such as the Middle East. It had announced the closure of its Philippines-based unit, Yabel, in February 2020.
Sorabel closed a $27m series B-plus round in mid-2017 that featured media company MNC and conglomerate Sinar Mas, the latter investing through its corporate venturing subsidiary SMDV.
Local reports indicated the deal was co-led by Golden Equator Capital and Gobi Partners and also included Alpha JWC Ventures, Convergence Ventures and Korea Investment Partners (KIP), although E27 claims Meranti ASEAN Growth Fund led the round.
MNC and SMDV returned subsequently for a pre-series C round of undisclosed size in August 2019, investing with KIP, Golden Equator, Gobi, Alpha JWC, Convergence, Ncore Ventures, Kejora-Intervest Growth Fund and Shift.
Sorabel closed a series C round in July 2019 according to E27, though this likely refers to the pre-series C funding, and also received debt from InnoVen Capital in the same year.
The company eaised $27m from MNC, SMDV, Golden Equator, Gobi Partners, Alpha JWC, Convergence and Korea Investment Partners in a 2017 series B round.