The growing market of beauty care in Indonesia has attracted investors. And Social Bella Indonesia succeeded in raising $40 M at its latest funding round. The Sociolla‘s parent plans on using the fund to strengthen its human resources.
Being around since 2015, Social Bella Indonesia is one of the biggest beauty technology companies in the country. It is the parent company of beauty e-commerce platform Sociolla. As well as community platform, SOCO, and beauty product review platform, Beauty Journal.
EV Growth and Temasek led the funding round that adds up the company’s total funding to $52 million. Other ventures including EDBI, Pavilion Capital and Jungle Ventures also participated in the funding round.
In particular, East Venture has been backing up Social Bella since the company’s early days. It has put its faith on the beauty company to lead Indonesia’s beauty industry.
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Social Bella, not only Sociolla’s parent but also SOCO’s and Beauty Journal’s
Recently, Social Bella, just opened its first Sociolla’s physical store in Jakarta. Unlike Sephora and or other Korean beauty stores, Sociolla’s physical store sets itself apart from the other stores by using technology.
The company equipped its store with a large screen. The screen is connected to Beauty Journal. So, customers can see the review in the platform while trying the products by themselves.
Beauty Journal itself started in 2018 as a marketing blog. But it grew on popularity, counting up to three million visitors in the last year only.
Christoper Madiam, the company’s co-founder and president, bragged that its three platform has 20.2 million visitors in total. And it has set its target to have 100 million unique visitors by 2021.
Beauty industry in Indonesia itself is one of the fastest growing industry. It grew four times away from 2015 to $6 billion valuation in 2019. And it is expected to grow even bigger up to $8.4 billion by 2022.
Korean beauty products, as well as locals such as Wardah and Emina have attracted many interest from locals.