Beauty-tech startup Social Bella announced that it had raised a $58 million Series E from Temasek, Pavilion Capital, and Jungle Ventures. The capital will be used to enhance the technology infrastructure of Social Bella to provide a better shopping experience for its customers, according to John Rasjid, cofounder and CEO of Social Bella.
Social Bella was founded in 2015 by Christopher Madiam, John Rasjid, and Chrisanti Indiana in 2015. Since its launch, Social Bella has rapidly developed into an integrated ecosystem for the beauty and healthcare sector in Indonesia. It expects to reach a total of 30 million users from its five subunits: online community platform SOCO; beauty and lifestyle online media platform Beauty Journal; beauty and personal care ecommerce Sociolla - which has established six offline stores to date; mother & child-focused beauty and personal care ecommerce Lilla by Sociolla; and end-to-end distributor service provider Brand Development.
Securing a large amount of funding amid the pandemic shows investors’ trust in Social Bella in becoming a prominent player in Indonesia’s beauty and personal care market - which Euromonitor estimates to grow to $8.5 billion by 2022.
The startup can quickly adapt to the challenging period and answer its consumers’ demand through its integrated ecosystem, use of technology, and deep understanding of Indonesian consumers. Cofounder and president of Social Bella, Christopher Madiam, said that during the quarantine the platform experienced a significant hike on organic traffic, while Sociolla recorded its largest transaction to date.
In September 2019, Social Bella announced securing a $40 million Series D funding led by EV Growth, Temasek, Pavilion Capital, and Jungle Ventures.