Indonesian beauty and personal care e-commerce company Social Bella International (Sociolla) has raised Rp 818 billion ($56.6 million) in fresh funding led by consumer-focused private equity firm L Catterton, according to an announcement on Wednesday.
The deal marks L Catterton’s first investment in Indonesia — Southeast Asia’s largest economy. The private equity major will join Social Bella’s board, according to the statement.
DealStreetAsia had reported in March that Social Bella was in talks with investors to raise around $75 million, bringing the total funding in the company to around $200 million.
Founded in 2015, Social Bella offers authentic make-up, skincare, haircare, fragrance, and beauty tools through its e-commerce platform and physical stores.
L Catterton’s investment will help the company reach new consumers, targeting Gen-Z and millennials. “The beauty and personal care categories continue to see increasing penetration around the region,” said Yock Siong Tee, L Catterton Principal and Investment Lead for Southeast Asia.
Social Bella claims to have over 20.2 million registered users on its Sociolla, SO.CO, and Beauty Journal platforms in 2019. It had targeted to reach 100 million unique visitors by 2021. In 2019, Social Bella launched its first flagship omnichannel store and has since added another seven to the list. It also provides distribution and development services for beauty brands from Indonesia and abroad.
It has also embarked on a regional foray by expanding to Vietnam last year.
Social Bella closed its $58 million Series E in the middle of last year backed by existing investors — Singapore state investor Temasek, Pavilion Capital, and Jungle Ventures.
It closed its Series D funding round of $40 million in September 2019, co-led by Temasek and EV Growth with participation from Sinar Mas Digital Ventures and Yahoo Japan’s YJ Capital. It had raised $12 million in a Series C funding round in May 2018.
Local VC firm East Ventures has invested in each of the firm’s funding rounds.
L Catterton manages over $25 billion of equity capital across its fund strategies. Its current and past investments in the beauty and personal care category include Marubi, S.p.A., IL MAKIAGE, Intercos, Function of Beauty, TULA, and Frederic Fekkai.
Social Bella was an early-mover advantage in the beauty tech space in Indonesia, with no direct competitor in terms of size and capital fire-power. However, over the last few years, Indonesia has started to see more beauty-tech companies getting a capital injection from VCs. This includes cosmetics e-commerce BASE, Rose All Day, and skin analysis technology startup Nusantics.