Halal-certified direct-to-consumer (D2C) Indonesian beauty brand Rosé All Day Cosmetics (RADC) announced Friday it has successfully closed a series A funding round of $5.41 million.
The funding was led by SWC Global, with participation from DSG Consumer Partners (DSGCP) and the brand’s initial seed investor AC Ventures, RADC said in a statement.
RADC said the strategic investment, a testament to RADC’s remarkable growth to date and potential, will propel the brand’s expansion in the Indonesian market and further develop its omnichannel presence.
It also said the round is a milestone for RADC and strongly aligns with its vision of delivering world-class cosmetics from Indonesia to the global market.
It said the deal is a pivotal moment in the company’s journey, as RADC will use the fresh capital to broaden its nationwide distribution, expand its market reach into other ASEAN countries, and enhance its product across the board with a continued focus on innovation and technology.
RADC also plans to continue scaling up its team, hiring across various departments including marketing, social media, operations, finance, and product development.
It said this expansion aligns with its goal to maintain brand equity in the market and cater to an increasingly diverse consumer base.
IT also said the company is currently seeking to hire a senior human resource (HR) executive, a creative director, and a general trade lead, among other roles.
“We are thrilled to announce our latest partnership with SWC Global and DSGCP. This collaboration represents a significant step in elevating RADC’s market presence and operational sophistication in Asia Pacific,
“Together, we are committed to unlocking new opportunities and delivering wonderful cosmetics products to meet the evolving needs of our customers in Indonesia and beyond,” RADC Co-founder Tiffany Danielle said.
RADC, launched in 2017, provides consumers with a diverse line of makeup and skincare solutions, from innovative, skin-loving formulas to timeless classics.
The firm has seen a promising trajectory, starting with a seed investment from AC Ventures in 2020.
This series A deal follows a period of significant growth for the company, with its co-founders attributing RADC’s success to increased distribution channels, bolstered interest and traction among local e-shoppers, and strong customer retention.
“Our core mission is to partner with visionary founders of consumer brands,
“With the RADC team, we recognized entrepreneurs who demonstrate an unwavering dedication to their customers, consistently delivering top-tier products,” said Sameer Mehta, Head of Southeast Asia at DSGCP.
According to him, the firm’s skill in cultivating a nationally loved brand, marked by outstanding capital efficiency and a strong presence across multiple sales channels, impressed them.
“It is this blend of dedication, efficiency, and market presence that solidified our decision to support RADC as a standout player in the dynamic beauty care industry,” he added.
Sameer noted that in 2022, Indonesia’s cosmetics and skincare markets were valued at $800 million and $2.4 billion, respectively, with projected annual growth of 14 percent to 16 percent and 10 percent to 15 percent through 2026.
According to him, this expansion will be propelled by a strong Millennial and Gen-Z base of 145 million consumers, seeking premium products amidst a rising gross domestic product (GDP) per capita, set to hit $7,000 by 2026.
He also noted the significant digital engagement of these consumers, marked by an 89 percent penetration rate in urban
areas, is driven by booming e-commerce and social media.
“Focusing on local values, DSGCP believes brands made in Indonesia, by Indonesians, for Indonesians, will resonate deeply with the aspirations of Indonesia’s burgeoning economy,” he added.
Established in 2012, DSGCP is a consumer-focused venture capital fund in India and Southeast Asia.
The firm has backed over 80 brands and made 82 early-stage investments, with over $300 million in assets under management.
Michael Soerijadji, Founder and Managing Partner at AC Ventures, said RADC innovative and inclusive approach in the beauty and skincare industry aligns with the firm’s ethos of backing transformative companies from their early days.
“Their ability to adapt to a fast-moving market and respond well to unexpected challenges sets them apart as entrepreneurs in a time when great examples are needed more than ever,” he added.
AC Ventures is a Southeast Asian venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN, with over $500 million in assets under management.
The firm has invested in over 120 tech companies in the region since 2012.