Temasek, EV Growth lead $40m round for Indonesia's Social Bella

They were joined by Singapore’s EDBI, Pavilion Capital, and Jungle Ventures. It follows a $12 million round last year from EV Growth, UOB Ventures, and iStyle, a VC-backed cosmetics player in Japan. Previous investors also include Venturra Capital as well as internet technology and media content provider Kapanlagi Group.

Social Bella describes itself as Indonesia’s leading integrated “beauty-tech” company. Its core services leverage an end-to-end online-to-offline (O2O) platform for B2B marketing and distribution support as well as customer-facing channels such as a personal care product review platform and an e-commerce portal that operates under the brand Sociolla.

More than 20 million unique visitors joined Social Bella’s various platforms in 2018, according to a statement. It aims to broaden its reach to 100 million users in its overall ecosystem by 2021. Other development plans include a buildout of technology-related functions and increased engagement with brands in Singapore through cooperation with EDBI.

Singapore-based EV Growth is a joint venture between Indonesia’s Sinar Mas Digital Ventures, Japan’s YJ Capital, and Indonesia-focused East Ventures, which has backed Social Bella since its seed round in 2015. EV Growth closed its debut fund earlier this year at $200 million, beating an initial target of $150 million with LP support from Pavilion. It typically contributes $5-15 million per deal.

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• Topics
• Southeast Asia
• Consumer
• Expansion
• Indonesia
• East Ventures
• Sinar Mas Digital Ventures
• YJ Capital
• Temasek Holdings
• EDBI
• Jungle Ventures
• TMT
• e-commerce