Dec 23, 2022
The food and personal care giant Unilever is taking an interest in the Indonesian beauty market. A market that is estimated to be worth 8 billion dollars and is expected to reach 9.6 billion by 2025, making it the fastest growing in South East Asia (source: Statistica). Through its investment program in young companies Unilever Ventures, the British group has invested in the Indonesian vegan cosmetics brand Esqa. The latter is closing a $6 million (€5.64 million) Series A financing round. The operation was also backed by Indonesian investment fund, East Ventures.
Founded in 2015 by Cindy Angelina and Kezia Trihatmanto, Esqa offers beauty products that are accessible to the very vast Indonesian middle class. In addition to offering vegan skincare and makeup products, the brand is also Halal-certified, as Indonesia is the largest Muslim country in the world in terms of population. Esqa, which is currently available in 47 cities in Indonesia, is also expanding in the Asian region into Vietnam and Singapore.
This is the first time that Unilever Ventures has decided to invest in the Southeast Asian region. Its other past investments include Dermalogica, Sachajuna and Ioma, among others. Last September, another Indonesian beauty brand, Somethinc-BeautyHaul, raised $10 million in Series B funding from Sequoia Capital India and Prosus Ventures.
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