Having invested with the Rookie Fund at the pre-seed stage, Serpentine made an additional investment with the Flagship Fund at the seed stage. With the new financing round following the YC demo day, Pabio sets out to ramp up its furniture subscription solution.
We are excited to announce our new investment in Pabio with the Flagship Fund I following our investment in the pre-seed round with the Rookie Fund I in Spring 2021. The USD 2 million plus seed round was completed with investments from Y-Combinator, Session VC, and several high-profile business angels.
Carlo Badini, Co-founder of Pabio: “We are thrilled to have Serpentine Ventures participating in our seed round. It has been an amazing journey so far and the Serpentine team brought us support when needed, and we highly benefited from their network during the launch of our company. Our recent fundraising will help us scale our operations and bring enhanced services to our customers.”
Pabio was founded in 2021 by two Forbes 30-under-30 serial entrepreneurs, targeting the USD 550 billion furniture market. The fast furniture market is ready for disruption after having had its last structural changes with the arrival of the global giant IKEA. The startup is solving several pain points for the end customer through its end-to-end solutions, most notably the ability to have their apartment designed by a professional and access furniture without paying a high upfront fee. Moreover, the fully digital solution aims to bring a more sustainable approach to the market, reducing the amount of waste and CO2 emitted.
Max Meister, General Partner of Serpentine Ventures, commented: “In only a few months, Pabio has managed to surpass their already ambitious milestones by far. They launched a company in a record time, from its partnership with Pfister to its entry at Y-Combinator. These development highlight the strength of the team and their ability to execute their plan. It also showcases their strong understanding of the industry and the need for such a solution in the market.”
Tackling a new market with an exciting business model, Pabio has the potential to disrupt the market of fast furniture. Despite being part of a traditionally capital-intensive industry, Pabio is built up with a remarkable asset light model, having partnered with the right companies from the start. The rocket take-off is captained by Carlo Badini, who has previously established a design and communication agency, and Anand Chowdhary, who previously founded a tech start-up.
“Pabio showcases what is possible for Swiss start-ups and is a great example of a complementary founding team striving to achieve their ambition. Being one of our first investments through our Rookie Fund I, we excited to be able to follow on with the Flagship Fund I and showcase the power of our investment strategy that covers the entire lifecycle of venture investments” says Guy Giuffredi, Fund Principal at Serpentine Ventures.
We are excited to continue being part of Pabio on their journey and are looking forward to supporting them in their continued growth.
For more information, visit Pabio’s website and read this Startupticker article.
