THE WHAT? Indonesian beauty tech start-up Social Bella has raised US$58 million in an ongoing Series E funding round from Temasek, Pavilion Capital and Jungle Ventures.
THE DETAILS The company, which operates the beauty e-commerce site Sociolla, has six physical stores in the country, as well as 30 million online users, according to Reuters.
Discussing the funding John Rasjid, Co-founder and CEO of Social Bella, said, “We recently launched our new business line, Lilla by Sociolla (lilla.id), specifically for young and sophisticated mothers who are looking for the best-curated products for children and themselves too. There are growing needs for good quality products by this customer group and we will strive to deliver our best to serve their needs.”
THE WHY? The funds raised will be used to evolve its infrastructure technology as well as bolster its foothold in the beauty and personal care markets.
Discussing the impact of COVID-19 on its operations, Co-founder and President Christopher Madiam said, “With our integrated ecosystem backed by technology and based on a deep understanding of Indonesian consumers, we can still serve our consumers in a relevant way while remaining competitive.”