Indonesian beauty-tech startup Social Bella has forayed into Vietnam, while Thailand-based point exchange platform ChomCHOB has raised 50 million bath ($1.6 million) in its Series A round led by InVent.
Indonesia’s Social Bella forays into Vietnam
Indonesian beauty-tech startup Social Bella marked its foray into the international market with its expansion in Vietnam as it looks to accelerate its business beyond the boundaries of its home market.
The company will expand into Vietnam through its e-commerce platform Sociolla through which it aims to serve beauty enthusiasts in the country.
The company earlier made headlines in June this year when it raised $58 million in its Series E round from existing investors such as Singapore state investor Temasek, Pavilion Capital, and Jungle Ventures.
“As one of the fastest-growing markets for beauty and personal care in Southeast Asia, with a young and highly digitalized population, Vietnam shares many similarities with Indonesia. We believe Vietnam is the right market for our first international expansion plan,” said Christopher Madiam, co-founder and president at Social Bella.
Social Bella, known for its Sociolla e-commerce brand, was founded as a beauty-focused e-commerce portal in 2015.
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 previously raised $12 million in Series C funding round in May 2018.
Thailand’s ChomCHOB raises $1.6m Series A
Thailand-based point exchange platform ChomCHOB has raised 50 million bath ($1.6 million) in its Series A round led by InVent, the venture capital arm of Intouch Holdings, according to an announcement.
Returning investors including 500 TukTuks, SIX Network and Thai Investors also participated in the round.
The company said that it will use the funding to expand across the region to serve the growing population of digital economy.
ChomCHOB also plans to use a part of the corpus to improve its IT infrastructure to scale the platform, expand the team and promote marketing activities.
InVent invests in emerging technology startups. It is the pioneer CVC in tech startup ecosystem in Thailand. Currently, it invests in startups across all stages, which are primarily based in Thailand and Southeast Asia and other regions.