INDONESIAN beauty e-commerce startup Social Bella has raised US$40 million in Series D funding co-led by venture firm EV Growth and Temasek, the company announced on Monday.
Other investors joining the round include EDBI, the investment arm of Singapore’s Economic Development Board; Temasek-linked Pavilion Capital, and Singapore venture firm Jungle Ventures.
Social Bella operates an integrated ecosystem of beauty commerce and media outlets. Some 20.2 million unique visitors joined Social Bella’s platforms in 2018, according to the startup.
It expects to hit more than 100 million unique users for its commerce platform Sociolla.com and media platforms, SOCO and Beauty Journal by 2021, said Christopher Madiam, co-founder and president of Social Bella, in a press release.
“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,” Mr Madiam added.
East Ventures has supported Social Bella with seed funding since 2015, said Willson Cuaca, the venture firm’s co-founder and managing partner. EV Growth is a joint venture by East Ventures, SMDV, and Yahoo! Japan Capital.
“(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,” Mr Cuaca said in the press release.