Indonesian furniture and interior marketplace Fabelio has been declared bankrupt, according to an announcement published by local media outlet Koran Bisnis on Monday.
The commercial court at the central Jakarta district court on October 5 stated that PT Kayu Raya Indonesia, better known as Fabelio, is officially bankrupt, ending months of speculation regarding the venture-backed startup’s fate.
The company’s website is no longer accessible. According to Crunchbase, the company officially closed in July 2022.
The firm has raised about $19 million in funding over five rounds. It is backed by various investors including AppWorks, MDI Ventures, Venturra, and Endeavor Catalyst.
DealStreetAsia has reached out to Fabelio co-founder Marshall Utoyo and investor AppWorks for comments.
The commercial court has also appointed Gde Braga Abi Tamara as curator, who will be responsible for managing the assets of the company to be confiscated and sold in order to pay off debts.
The court has scheduled the first creditors meeting on October 17.
In November last year, Fabelio hit headlines when employees created a petition on change.org, calling for the company to pay its staff and vendors, who have been owed funds since September. A number of vendors and customers also aired complaints on social media related to owed money and undelivered items.
In December, Fabelio CEO Marshall Tegar Utoyo told local media outlet CNN Indonesia that the company was in dire financial conditions due to the COVID-19 pandemic as well as delays in funding from investors.
Founded in 2015 by Marshall Tegar Utoyo and co-founder Christian Sutardi, Fabelio offers local and imported furniture for Indonesian customers. The startup also provides a B2B interior design consultation service for offices, restaurants, and more.