Social Bella, the brand owner of the beauty e-commerce service Sociolla, announced US$ 58 million (more than 841 billion Rupiah) funding from global investors, including three previous investors, Temasek, Pavilion Capital, and Jungle Ventures. This round happened amid crisis in the overall business environment due to the Covid-19 pandemic.
Funding is to be used to improve technology infrastructure. Investor support is aligned with the company’s target to bring its position in unlocking growth potential with a sustainable business model and comprehensive ecosystem.
Previously, the three investors participated in the Series D round in September 2019 for $ 40 million. Also in that round was EV Growth.
Social Bella’s Co-Founder and President Christopher Madiam said the pandemic was a challenge for the entire global business. However, he claimed the company was able to adapt quickly to serve the needs of consumers.
As seen from a significant increase in organic traffic on the platform during quarantine and recorded the highest shopping basket rate online. Although, it is not followed by detailed numbers.
“We are proud that both existing and new investors see the extraordinary potential of our ecosystem and strongly support our business plan,” he said in an official statement, Monday (6/7).
Jungle Ventures’ Managing Partner, David Gowdey added, his investment in Social Bella was the company’s important milestone in Indonesia. Social Bella is the first beauty company that presents a holistic ecosystem.
“This additional investment will strengthen our partnership with Social Bella and enable Jungle Ventures to expand regional cooperation,” said Gowdey.
Lilla by Sociolla
Social Bella’s Co-Founder and CEO, John Rasyid explained, with strong support from the technological aspect of daily routine, the company wanted to provide a better shopping experience for its consumers.
“We recently launched a new line of business, Lilla by Sociolla, designed for moms with the best product curation for children and themselves. We see an increasing need for quality products in this consumer segment and we are trying to provide the best,” he said.
Besides Lilla, Social Bella has continued to expand its services since it’s debut in 2015. First, SOCO, an online consumer review platform for beauty and personal care products. Second, Beauty Journal, which is an online beauty and lifestyle media with O2O marketing services from upstream to downstream.
Third, Sociolla, beauty e-commerce with six offline stores and an omnichannel concept. Finally, Brand Development, a business unit that offers end-to-end distributor services for beauty and personal care brands to leading international manufacturers.
All of these business units is believed can reach around 30 million users this year.
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Original article is in Indonesian, translated by Kristin Siagian