JAKARTA - Social Bella, a leading beauty-tech startup in Indonesia, secured new funding from Global investors including Temasek from Singapore, Pavilion Capital, and Jungle Ventures. This investment was secured by the company amid turbulence in the overall business environment due to the coronavirus pandemic.
The latest funding round will further enhance the company's growth in the beauty and personal care market in Indonesia, which, according to Euromonitor, is expected to grow to USD 8.5 billion by 2022. With continued support from its investors, Social Bella is well positioned to open potential for growth with a sustainable business model and comprehensive ecosystem.
Social Bella's Co-Founder and President, Christopher Madiam "We are proud that both existing and new investors see the extraordinary potential of our ecosystem and strongly support our business plans. This pandemic is a challenge for the entire business globally. However, we adapt quickly to serve the needs of our consumers. With our integrated ecosystem, supported by technology and a deep understanding of Indonesian consumers, we are able to serve consumers with relevance and remain competitive. This results in a significant increase in organic traffic on our platform during the quarantine period. We also set a record for the highest online shopping basket size in Sociolla thanks to our consumer confidence amid COVID-19. Therefore, we are very grateful for the trust of investors in the midst of this difficult time."
Previously, Social Bella announced a Series D investment of USD 40 million in September 2019. The funding was led by East Venture Growth (EV Growth), Temasek, Pavilion Capital and Jungle Ventures. (LM)