Indonesian tech-enabled beauty company Social Bella, known for its omnichannel commerce site Sociolla, has raised $60 million in a funding round led by Singapore state investor Temasek Holdings and L Catterton.
East Ventures, Jungle Ventures, and other existing investors also participated in the round, the company said on Tuesday.
The announcement confirms a DealStreetAsia report from earlier this month, which said the firm has raised capital from L Catterton Asia and Temasek.
The fundraising is far below the $150 million that the company had originally set out to raise.
Founded in 2015, Social Bella claimed in a statement that its margins are increasing and its footprint has expanded 20 times since 2020 — a sign of its capabilities to weather challenges amid an uncertain global macroeconomic situation. The firm currently has 48 stores in 24 cities in Indonesia.
It also has a presence in Vietnam with a footprint spanning 13 locations.
In 2020, the firm launched Lilla, an e-commerce unit focusing on the mother-and-baby segment. Lila has also opened a physical store in Indonesia, which, the company said, has been “recording strong foot traffic”.
“Sustainability has been our core principle since day one and all of our bold moves are always well calculated,” said co-founder and president Christopher Madiam in a statement. “This is why we have been able to generate stellar growth despite the pandemic and raise new funds from marquee investors, validating our business model and robust fundamentals,” he added.
Willson Cuaca, co-founder and managing partner of East Ventures said that he’s impressed to witness how Social Bella could turn pandemic challenges into expansion opportunities. “We have been witnessing how the Social Bella team, from managing the company during the pandemic until post-pandemic, skillfully overtook other players and sped during heavy rain,” he said.
Social Bella has so far raised more than $226 million since 2018. The firm commands a valuation of about $564 million according to DealStreetAsia’s DATA VANTAGE platform. The company is also backed by Indies Capital Partners and Pavilion Capital.
In May 2021, Social Bella raised an 818 billion rupiah ($56.6 million) round led by L Catterton. The round marked L Catterton’s debut investment in Indonesia, and the PE firm also joined Social Bella’s board following the investment.