THE WHAT? Indonesian beauty products start-up Social Bella is in talks with investors to raise between US$150 million to US$200 million as part of a growth push to boost its valuation past US$1 billion, giving it unicorn status, according to Bloomberg.
THE DETAILS Based in Jakarta, Social Bella is currently backed by Temasek Holdings Pte, and is looking to gain a valuation of around US$1.2 billion to US$1.4 billion, according to sources that asked to remain unnamed.
Social Bella operates e-commerce cosmetics and personal-care retailer Sociolla, and 40 bricks & mortar stores in Indonesia and Vietnam.
THE WHY? The company is one of many e-commerce start ups raising funds in order to capitalize on the Southeast Asian market, which is projected to double by 2025.
In 2020 Social Bella raised US$58 million in a Series E funding round from Temasek. Jungle Ventures and Pavilion Capital, while securing a further US$57 million from L Catteron and other investors in 2021.