Dynamic point goes to sea to learn that Indonesian beauty startup Base recently announced that it has received a $6 million Series A financing. It is understood that the financing was led by Rakuten Ventures, with participation from existing investors Antler, East Ventures, Skystar Capital, and Pegasus Tech Ventures.
Founded in 2019, Base is a personal care and beauty brand that focuses on the DTC model. It mainly promotes personal care products based on the vegan concept. According to Base, its online and offline sales channels have covered all of Indonesia. Base pointed out that in Indonesia, the beauty industry has shown a good trend during the epidemic compared to other industries. As a reflection, the company’s revenue has grown tenfold over the past year.
Regarding the purpose of this new financing, Base said that it will be used to promote the research and development of its skin care product line, and further develop its product line of vegan products – Base said that most of its audience will think that Generation Z and Millennials It is a group that prioritizes ecological, low threshold, and sustainable products. In order to meet the needs of this group and respect the company’s values, Base’s products will continue to develop in this direction.
According to some data, by 2025 , Indonesia’s beauty market will reach a scale of 10 billion US dollars, with an annual growth rate of 6% .