Indonesian direct-to-customer (D2C) beauty brand Rose All Day Cosmetics (RADC) has raised $5.41 million in a Series A funding round led by venture capital firm SWC Global, per regulatory filings.
The latest round was backed by DSG Consumers Partners and existing investor AC Ventures, the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority showed.
DealStreetAsia had reported in August that RADC is finalising a fresh equity round of $5-6 million from DSG Consumers Partners and other investors.
According to the ACRA filings, SWC Global contributed $3.46 million to the financing, while DSG Consumer put in $1.4 million.
The filings further show that RADC is buying back shares from co-founder Samantha Joselyn Wijaya worth $1.57 million.
Founded in 2017, the cosmetics company started with an initial capital of $10,000. It raised $500,000 in a seed funding round in 2020 led by AC Ventures.
RADC promotes itself as a Halal-certified beauty brand that is cruelty-free, offering high-quality makeup and skincare solutions.
The company reported a 4x increase in annual revenue in 2022 and claimed to be on track to achieve 6x growth this year. RADC attributed this growth to strong omnichannel distribution channels and customer retention.
In an interview with DealStreetAsia earlier in July, RADC co-founder and product development head Tiffany Danielle said that to stay ahead of the competition with global and other local beauty brands, the company focuses on innovation, competitive pricing, and maintaining quality standards. Women in the 25-34 age group make up about 42% of RADC’s customers, while those aged 18-24 make up about 34%.
Indonesia is a hot market for the beauty industry due to its large young population, growing middle class, and rising consciousness about physical appearance, especially among the youth. The country’s beauty and personal care market is expected to swell by over 20% to reach $9.6 billion in 2027, from $7.9 billion in 2023, according to Statista.
Besides RADC, other local beauty brands that have attracted funding include Peak XV Partners-backed Somethinc, Unilever Ventures-backed Esqa, and AC Ventures-backed NAMA Beauty.
