Temasek-backed beauty startup in talks to get up to US$200m

[JAKARTA] PT Social Bella Indonesia, a beauty-products startup backed by Temasek Holdings, is in talks with investors to raise US$150 million to US$200 million for a growth push, according to people familiar with the matter.

The Jakarta-based company is negotiating for a funding round that would propel its valuation past US$1 billion, said the people who asked not to be named as the matter is private. A valuation of about US$1.2 billion to US$1.4 billion is being discussed, one of the people said.

Social Bella operates online cosmetics and personal-care retailer Sociolla as well as 40 offline stores in Indonesia and Vietnam, according to its website. The company raised US$58 million in a Series E funding round from investors including Temasek, Jungle Ventures and Pavilion Capital in 2020. It secured a further US$57 million from L Catterton and other backers last year.

The company is among a slew of e-commerce startups raising funds to expand in the booming Southeast Asian market. The region's internet economy is set to double to US$363 billion by 2025, research from Google, Temasek and Bain & Co shows.

A representative for Social Bella declined to comment.

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