Indonesian beauty e-commerce and social platform Sociolla has closed a funding round co-led by Singapore’s Temasek Holdings and venture capital fund EV Growth, according to sources familiar with the development.
The deal is expected to be announced soon. However, when asked for confirmation, Sociolla said it “cannot comment on market rumor nor anything under the pipeline”.
It was not immediately clear how much Sociolla has raised in the latest round. It had last raised $12 million in May 2018 in a Series B+ round led by EV Growth, a $200-million fund established by East Ventures, Sinar Mas Digital Ventures and Yahoo Japan’s YJ Capital.
In an interview with DealStreetAsia in July last year, Sociolla co-founder Chrisanti Indiana said most of the investment raised was used to invest in its newly launched community platform SoCo.
Since the investment, the company has also started a B2B business and has become the authorized distributor of leading beauty brands from Asia and Australia looking to enter the Indonesia market.
Sociolla was founded in 2015 as a beauty-focused e-commerce portal in Indonesia. It later expanded into what it calls ‘beauty online experience’ with the launch of its publication, Beauty Journal.
In Indonesia, it 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.
For Temasek, which invests in various sectors ranging from real estate and transportation to energy and resources, the investment in Sociolla marks another instance of it partaking in smaller deals that would typically be considered venture capital territory.
In June, Temasek participated in a $75-million Series B round for US-based clinical-stage biotechnology company Viela Bio. It had earlier made a follow-on investment in Locana, a California-based RNA-targeting gene therapy startup, as part of its $55-million Series A round.
In Southeast Asia, where Temasek has not been as prolific in terms of tech investments as in China and North America, its notable portfolio companies include unicorns GOJEK and Zilingo.