Indonesian beauty platform Social Bella, known by its Sociolla e-commerce brand, is in talks with investors to raise around $75 million in a new funding round, DealStreetAsia has learnt.
If the round materialises, the total funding raised by the startup would be close to $200 million, making it one of the largest-funded tech startups in Indonesia, outside of the prestigious unicorn club.
While DealStreetAsia could not ascertain the investors Social Bella is in talks with, existing investors are expected to top up in the new round, as they have done in previous rounds.
Social Bella closed its $58-million Series E round in the middle of last year backed by existing investors – Singapore state investor Temasek, Pavilion Capital, and Jungle Ventures. Local VC firm East Ventures has been present in each of the funding rounds.
Social Bella did not immediately respond to our query for comments.
Social Bella was founded as a beauty-focused e-commerce portal in 2015 before it branched out into the media business through SO.CO and Beauty Journal. It also provides distribution and development services for beauty brands from Indonesia and abroad.
Social Bella claims to have pulled in 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 has also embarked on a regional foray after expanding to Vietnam last year.
In the beauty tech space in Indonesia, Social Bella has been enjoying an early-mover advantage, with no other 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, including cosmetics e-commerce BASE, Rose All Day, and skin analysis technology startup Nusantics.