October 20

Sociolla Raises Over $60 Million From Temasek, L Catterton in Indonesia

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.

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.

Photo courtesy of kinkate Gruber.

Source: Tech in Asia (link opens in a new window)

business development, startups