Gabriel Budi Sutrisno · · 1 min readSociolla raises over $60m from Temasek, L Catterton
Sociolla, an Indonesia-based beauty startup, has received over US$60 million in an investment round led by Temasek and L Catterton. Existing investors such as East Ventures and Jungle Ventures also participated in the fundraise.
Photo credit: Tech in Asia
This brings Sociolla’s total disclosed funding to over US$220 million to date, according to the Tech in Asia database.
The company attributes the multiple investments it has received during the Covid-19 pandemic to its sustainable growth. This also validates its business model and “robust fundamentals,” Social Bella president and co-founder Christopher Madiam said in a media statement.
Founded in 2014, Sociolla had served around 42 million users as of 2020. In its most recent financials, the company almost doubled revenue to US$43.5 million for 2020.
The beauty marketplace firm has 48 stores across 24 cities in Indonesia, and it has also expanded to 13 locations in Vietnam. Its number of stores has grown 20x since 2020.
Apart from its main beauty app, the company has also launched Lilla, a beauty and personal care ecommerce platform specifically for mothers. Lilla recently opened its first physical store in Indonesia, the company said.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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