Indonesia's Social Bella raises $58m Series E

Investors that took part include Temasek Holdings, Pavilion Capital – a growth-stage investor controlled by Temasek – and Jungle Ventures. The start-up raised $40 million last year in a round led by Temasek and EV Growth. Kapanlagi Group, Venturra Capital, and istyle are among the other backers, according to AVCJ Research.

The company runs Sociolla, an e-commerce platform specializing in cosmetics products. The new capital will go towards the pursuit of existing growth targets, despite depressed consumer spending and muted business activity tied to COVID-19. Social Bella cites an increase in organic internet traffic as one positive sign.

The company, which was founded in 2015, has attracted around 30 million users in the current financial year. 

Other online properties include a platform that hosts reviews of beauty and personal care products as well as a portal that connects readers with offline service providers and handles distribution for manufacturers. Social Bella recently launched Lilla by Sociolla, a media and e-commerce platform dedicated to mothers. It also owns six brick-and-mortar stores.

"We have never before seen any beauty company that provides a holistic ecosystem like Social Bella and are excited to witness the massive growth in its core businesses," said David Gowdey, a managing partner at Jungle.

Other internet companies offering cosmetics products in Indonesia include Somethinc and Female Daily Network. Jungle is also a backer of Thailand's Pomelo, a lifestyle and fashion marketplace.

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• Topics
• Southeast Asia
• Expansion
• Technology
• Indonesia
• Temasek Holdings
• Jungle Ventures
• e-commerce
• TMT
• Venturra Partners