Indonesian beauty-tech startup, PT Social Bella Indonesia announced that it has raised $58 million in a Series E funding round backed by existing investors, including Singapore state investor Temasek, Pavilion Capital, and Jungle Ventures.
“The fresh funding will be used to scale up the startup’s tech infrastructure and boost its share of Indonesia’s beauty and personal care market,” its co-founder and president Christopher Madiam said in a statement on Monday (July 6).
Social Bella, known for its Sociolla e-commerce brand, was founded as a beauty-focused e-commerce portal in 2015. It closed its Series D funding round of $40 million in September 2019, co-led by Temasek and EV Growth, and joined by Sinar Mas Digital Ventures and Yahoo Japan’s YJ Capital. It had previously raised $12 million in Series C funding round in May 2018.
Social Bella claims to have pulled in over 20.2 million registered users on its Sociolla, SO.CO, and Beauty Journal platforms in 2019. The company says it targets to reach 100 million unique visitors by 2021.