Social Bella snags US$56M to further expand its beauty-tech biz across SEA
Social Bella, an Indonesian beauty-tech company, has raised approximately US$56 million (IDR 818 billion) in a round led by L Catterton.
This round also marks the US-based PE firm’s maiden investment in Indonesia.
Indies Capital, along with existing investors East Ventures and Jungle Ventures, also participated.
Social Bella intends to use the newly raised capital for product innovation and continued expansion across Southeast Asia.
Launched in 2015, Social Bella has evolved from being a beauty e-commerce brand to a complete ecosystem that seeks to unlock the archipelago’s growing beauty and personal care market.
The startup claims to have created several business units and currently owns six physical stores across Indonesia. One of its major goals is to empower consumers to use local brands.
Last year, it expanded its B2C business Sociolla to Vietnam. As of now, it has expanded to 21 omnichannel stores in nine cities in Indonesia and one in Vietnam.
“Social Bella has uniquely addressed the Indonesian consumers’ growing needs for beauty and personal care products by pioneering an innovative omnichannel delivery format in Indonesia,” said Pandu Sjahrir, Managing Partner at Indies Capital.
“Over the past year during the pandemic, we have seen the company grow tremendously. The team was able to drive the company with high velocity during heavy rain. Social Bella has the appealing proposition, in fact, that it owns a content, community, commerce and retail for a beauty-tech company,” added Willson Cuaca, co-founder of East Ventures.
“Last year was a challenging year for many due to the pandemic. But despite various adversities, we are extremely proud of our team for striving for the best omnichannel services to our customers. The new partnerships and investment will boost our capability to continue delivering the best-in-class technology innovations and great products for our customers in Indonesia, Vietnam, and beyond,” shared Christopher Madiam, co-founder of Social Bella.
Social Bella is also backed by many renowned investors, including Singapore-headquartered Temasek and Pavilion Capital.
The company is also part of e27’s special Luminaries list and is one of the few companies that managed to expand their business amidst the pandemic.
Image Credit: Social Bella
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