Base, a technology-based, vegan beauty and wellness brand in Indonesia, announced that it has raised $6 million in Series A funding to strengthen its positioning in Indonesia’s market and to continue fueling its growth.
Rakuten Ventures led the round, along with participation from existing investors Antler, East Ventures, Skystar Capital, and Pegasus Tech Ventures, Base said in a statement.
With the new funds, Base plans to develop a more in-depth product line, adding color cosmetics, body and hair care, edible wellness, and fragrance to its existing skincare catalog, with the ultimate goal of expanding its customer base.
The company also plans to further invest in product innovation and development, incorporating advanced biotechnology into their method to creatively grow their vegan product line.
According to Base, a large majority of its audience identifies as Gen Z and Millennial, a population that prioritizes eco-conscious, accessible, and sustainable products, and in an effort to simultaneously cater to their needs and honor the company values, product development will continue to trend in this direction.
“At Base, we aim to redefine how the world perceives beauty standards so that everyone can feel empowered and be proud to celebrate their uniqueness. This also applies to our culture as an organization where we anticipate people to be able to unleash their potential and do what they love,
“As our organization grows, we are thrilled to welcome more senior leadership members to the company to help elevate Base’s path to building a world-class organization that our generation can be proud of,” said Yaumi Fauziah Sugiharta, Co-Founder and Chief Executive Officer of Base.
Originally a direct to consumer (D2C) player, Base is expanding its online and offline Omni channel distribution in Indonesia in an effort to penetrate the country’s regional cities. To date, the company has delivered its products to all 34 provinces across Indonesia.
The brand is championing diversity and inclusivity, catering to all of the beauty needs of Indonesian people by offering vegan skincare powered by their own Smart Skin Test feature.
“In Southeast Asia, the broad personal care industry is still dominated by foreign brands retailing at prices beyond the comforts of the average consumer’s disposable income. What excites us about Base is its ability to turn around traditional consumer expectations to show that high-quality products don’t have to be expensive,
“We look forward to support Base in their journey to fill the whitespaces in Southeast Asia’s growing personal care category.” said Regina Ho, Associate at Rakuten Ventures.
According to Base, the beauty industry remained resilient throughout the pandemic compared to other industries, and Indonesia’s beauty market is projected to hit around $10 billion by 2025, fueled by the vast growth of hair care, body care, and skin care category, with an annual growth rate of around 6 percent.
The robust market opportunity and its impeccable growth put Base in the right position to scale up and become a prominent player in the market, reporting ten times revenue growth in the past year.
“Since the early days, we have believed in the innovations of Base in the Indonesia’s beauty industry. Its local expertise and approach bring about exceptional quality and sustainable skincare products that meet the market demands,
“We are glad to double down our investment in Base and looking forward to more innovations and growth brought by Yaumi, Ratih, and Base team,” said Melisa Irene, Partner at East Ventures.
Antler Partner Martell Hardenberg said the multi-billion dollar personal beauty market in Indonesia continues to show resilient annual growth of 6 percent.
“GenZ and Millennial consumers display an increased affinity towards brands that resonate with the local heritage, ingredients, and eco-consciousness over global brands,
“Base is best positioned to capture market share through its unique brand and products and scientific, but tech-enabled product development process. Antler is excited to continue to support Yaumi and Ratih in their journey,” he said.
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