Unilever Ventures has invested a further US$4m in Indonesian make-up brand ESQA.
The series B funding round was revealed in a filing with the Accounting and Corporate Regulatory Authority (ACRA), a Singaporean financial regulator.
The consumer goods giant’s venture capital arm first took a stake in the Jakarta-based business in December 2022, when it invested $6m in series A funding.
ESQA was founded in 2016 by Cindy Angelina and Kezia Trihatmanto, who serve as CEO and Chief Product Officer respectively.
The pair moved to Indonesia after studying in Los Angeles for ten years, and claim to have created the first vegan beauty brand in the country.
ESQA’s products are available through the brand’s D2C website, and in Sephora and Watsons stores in Indonesia.
The brand has also expanded its reach to other parts of Southeast Asia, including Vietnam and Singapore.
The news follows Unilever Ventures’ investment in feminine intimate and body care brand Luna Daily in July.
The funding will be used by the British business to expand its product range.
Venture capital firms Redrice Ventures and Joyance Partners have also invested in the beauty business, with Luna Daily having raised £4.7m in capital so far.
(Photo Credit: ESQA Instagram)
