Social Bella Secures US$40 Million Series D Investment Co-Led by EV Growth and Temasek
2 September 2019
Social Bella Indonesia (Social Bella), publicly well-known for its beauty e-commerce Sociolla, strengthens its position as the leading beauty-tech company in Indonesia through the announcement of its USD 40 million Series D investment. The round is co-led by EV Growth and Temasek, together with EDBI, Pavilion Capital, and Jungle Ventures as the other new investors. The new Series D investment will enable Social Bella to further broaden its impact on the beauty and personal care industry in Indonesia through technology.
Over the past few years, Social Bella’s business scope has evolved from being one of the fastest-growing e-commerce to the most comprehensive beauty ecosystem with three main business units, Commerce (Sociolla), Media (SO.CO and Beauty Journal) and Brand Development. This ecosystem model has also allowed Social Bella to gain trust from its stakeholders, leading it to become the only integrated beauty-tech company and end-to-end brand distributor in Indonesia.
Co-Founder and President of Social Bella, Christopher Madiam said, “We are excited by the support from EV Growth, Temasek, and the other new investors as they share confidence in our vision of helping to reshape Indonesia’s beauty industry landscape. We believe EV Growth’s vast professional network, and Temasek’s extensive experience of investing in growth companies in Asia, will enable us to continue growing our products and services to reach more people and create greater value for the development of beauty-tech industry in this country.”
Cumulatively, over 20.2 million (unique) visitors joined the Social Bella platforms in 2018 including Sociolla website, SOCO platform, and Beauty Journal. “With this round of funding, we expect to reach more audiences with 100 million (unique) users visiting our integrated ecosystem, SOCO, Sociolla.com and Beauty Journal by 2021,” Christopher said.
Co-Founder and CEO of Social Bella, John Rasjid explained that this latest funding will be allocated to strengthen the company’s human resources capabilities, with special attention to technology-related functions. “As we believe that technology can be a key driver of Indonesia’s beauty industry, we will invest in the development of our digital assets, SOCO. By focusing on user experience, this platform integrates Sociolla and Beauty Journal to meet the needs of women with a more optimal, relevant and personalized experience. This allows us to reach a wider market and accelerate our business further while providing comprehensive beauty services.”
Co-Founder and Managing Partner of East Ventures, Willson Cuaca, revealed, “East Ventures has supported Sociolla since 2015 through seed funding. Since then we have witnessed the beauty-tech company’s ability and readiness to win the market. Its constant innovation allows Social Bella to differentiate their offering and product. To keep the momentum we extend the funding through EV Growth and strategic collaborations with global players like Temasek.”
Like many industries in Indonesia, the beauty-and-personal care industry is growing rapidly which sets the foundation for investors’ interest. Google and Temasek’s e-Conomy report shows that e-commerce has been the most dynamic sector in Southeast Asia’s digital economy over the past three years, having grown over 4x since 2015. Moreover, Indonesia’s e-commerce market leads Southeast Asia’s, accounting for USD 1 in every USD 2 spent online in the region and raking a total of USD 12 billion in value.
Previously, Social Bella closed its Series C funding led by EV Growth, a joint venture fund by East Ventures, SMDV, and Yahoo! Japan Capital. istyle Inc., a publicly-listed beauty-tech company from Japan, and UOB Ventures also participated in last year’s Series C round.
Moving forward, Social Bella will continue to develop the digital ecosystem that is specifically designed for the industry with three business pillars of commerce, content, and community. Chris continued, “With the strategic partnership we have with the investors, we can build a beauty-tech ecosystem that is getting bigger, healthier and integrated as well as a place for top talents in Indonesia to continue to thrive and flourish.”
About Social Bella Indonesia
Social Bella Indonesia is the leading integrated beauty tech company. Starting off in 2015, Social Bella Indonesia’s business is focused on developing a scalable and sustainable online and offline ecosystem for beauty and personal care. Social Bella currently has three main business units that provide complete O2O ecosystem for the brand and holistic experience for beauty enthusiasts. (1) SOCO the largest consumer review online platform for beauty and personal care products in Indonesia. (2) Beauty Journal the leading beauty and lifestyle online media with end-to-end O2O marketing service. (3) Sociolla.com, no.1 beauty and personal care e-commerce pure player in Indonesia. (4) Brand Development is the business unit that offers end-to-end distributor service for beauty and personal care brands, trusted by numerous international leading manufacturers.