03/09/2019 – Indonesian based beauty platform Social Bella announced on Monday that US$40 million has been raised for its Series-D funding. The round of funding was led by both EV Growth and Temasek Holdings. EV Growth is a late state capital venture fund active in Southeast Asia while Temasek Holdings is Singapore’s sovereign wealth funds.
New investors joining the round of funding includes EDBI, Pavilion Capital, and Jungle Ventures.
Founded in 2014, the company’s flagship product is its beauty and lifestyle e-commerce site Sociolla.com. The company also recently launched a community platform called Social Connect and owns an online media content site, Beauty Journal. All three platforms are integrated and interlinked.
Following the injection of fresh funds, Social Bella will be looking to recruit new talents to work on developing their community platform. Also called Soco, the platform was created last year following a US$12 million funding led EV Growth.
Soco is a beauty and lifestyle community that encourage users to share and spread their experience and reviews of various beauty products.
Businesstime reported that Christopher Madiam, co-founder and president of Social Bella, said the company is also looking to grow the user base of the three platforms under its arm, namely Soco, Sociolla.com, and Beauty Journal. The company currently boasts a user base of 20.2 million unique visitors and is targeting a combined audience of 100 million unique users by 2021.
He further added, “We believe EV Growth’s vast professional network, and Temasek’s extensive experience of investing in growth companies in Asia, will enable us to continue growing our products and services to reach more people and create greater value for the development of beauty-tech industry in this country,”
The company also operates a brand development unit offering end-to-end distributor services focusing on serving the beauty and personal care industry.
Social Bella last raised US$12 million in a Series-C funding back in 2018, also led by EV Growth.
This news is published on Reuters.