Social Bella, an Indonesian beauty-tech startup, on Monday announced that it has raised $58 million in a Series E funding round backed by existing investors, including Singapore state investor Temasek, Pavilion Capital, and Jungle Ventures.
The fresh funding will be used to scale up the startup’s tech infrastructure and boost its share of Indonesia’s beauty and personal care market, said co-founder and CEO John Rasjid. Euromonitor expects the market to grow to $8.5 billion by 2022.
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 and joined by Sinar Mas Digital Ventures and Yahoo Japan’s YJ Capital. It had previously raised $12 million in Series C funding round in May 2018.
The Series E investment comes amid turbulence within the overall business environment due to the current coronavirus pandemic. Despite the pandemic, Social Bella’s co-founder and president Christopher Madiam said Sociolla noticed “a record high basket size.”
“This pandemic has massively challenged almost all businesses globally. However, we are adapting quickly to the challenge and continue to serve our consumers’ needs,” Madiam said.
Social Bella claims to have pulled in over 20.2 million registered users on its Sociolla, SO.CO, and Beauty Journal platforms in 2019. The company says it targets to reach 100 million unique visitors by 2021.
Last year, Social Bella launched a flagship omnichannel store in Lippo Mall Puri. Today, it owns six physical stores across the country.
Social Bella recently also launched Lilla by Sociolla, an e-commerce platform to meet the beauty and personal care needs of Indonesian moms and their loved ones.
“We are pleased that Sociolla team acted decisively and resilient during this pandemic and we are very confident that they will emerge stronger after this crisis,” said East Ventures co-founder and managing partner Willson Cuaca.
In Indonesia, Social Bella competes with Orami, which secured a $15-million round of investment in 2016, and LYKE, which raised $4 million in Series A funding from a German VC fund in the same year.