Indonesian beauty platform Social Bella, known by its Sociolla e-commerce brand, has announced the closing of its Series D funding round of $40 million co-led by Singapore’s Temasek Holdings and venture capital fund EV Growth.
DealStreetAsia first reported on the deal last month.
Others participating in the round include new investors EDBI, Pavilion Capital and Jungle Ventures.
Founded as a beauty-focused e-commerce portal in 2015, Social Bella also operates a media business through SO.CO and Beauty Journal, while also providing brand distribution and development services for beauty brands from Indonesian and abroad.
This year, the company opened two O2O concept stores in Jakarta, as it looks to employ an omnichannel approach and offer a more holistic customer experience.
With the new funding, the company says it looks to expand its business reach in the country through improved technology.
“We will invest more in building our digital asset, which is SO.CO,” said Social Bella co-founder and CEO John Rasjid. “This will enable us to expand into a wider segment, accelerate our business further and bring a more comprehensive beauty service.”
Social Bella claims to have pulled over 20.2 million registered users cumulatively on its Sociolla, SO.CO and Beauty Journal platform. The company says it targets to reach 100 million unique visitors by 2021.
The deal follows a $12 million Series C funding round in May 2018 led by EV Growth, a $200-million fund established by East Ventures, Sinar Mas Digital Ventures, and Yahoo Japan’s YJ Capital.
In Indonesia, Social Bella competes with Orami, which in 2016 secured a $15-million round of investment, and LYKE, which raised $4 million in Series A funding from a German VC fund later in the same year.
Another well funded women-focused startup that has recently expanded into the beauty vertical is B2C e-commerce company Sorabel, which is currently raising a pre-Series C round. Like Sociolla, Sorabel also plans to venture into the offline game in the near future.