Indonesian beauty platform Social Bella said on Wednesday that it received IDR 818 billion (USD 56.4 million) in a funding round led by US private equity firm L Catterton, which is set to join the company’s board. Indies Capital, as well as existing investors East Ventures and Jungle Ventures, also contributed.
President and co-founder Christopher Madiam said he is very proud to see the consistent efforts of his team to bring the best omnichannel service to customers. Social Bella started in 2015 and has since evolved into a digital beauty ecosystem, comprising e-commerce site Sociolla, community platform SOCO, beauty and lifestyle site Beauty Journal, and a mom-and-baby marketplace called Lilla by Sociolla. It further offers a distributor service for beauty and personal care brands.
In 2020, the company grew to more than 42 million users. It currently runs 21 physical stores in nine Indonesian cities and one store in Ho Chi Minh City, after its expansion to Vietnam in October. Earlier in July, Social Bella received USD 58 million in its Series E round from Temasek, Pavilion Capital, and Jungle Ventures.
The beauty and skincare industry in the region remains resilient. Data provider Statista predicts that Indonesia’s beauty and personal care market revenue is expected to grow to USD 7.46 billion in 2021, a quarter of which will be generated through online sales, promising a rosy outlook for brands such as Social Bella.