EV Growth, the joint venture between corporates Sinar Mas and Yahoo Japan and venture capital firm East Ventures, co-led a $40m series D round for Indonesia-based e-commerce company Sociolla yesterday.
The round was co-led by Singaporean state-owned investment firm Temasek and included its growth equity arm, Pavilion Capital, as well as Singaporean government agency EDBI and VC firm Jungle Ventures.
Sociolla’s core business revolves around its beauty e-commerce platform but has expanded to encompass a beauty-focused media offering in addition to brand development services.
The platform received more than 20 million unique visitors during 2018 and Sociolla intends to put the series D capital into human resources and technology development.
Christopher Madiam, co-founder and president of Sociolla holding company Social Bella, said: “We are excited by the support from EV Growth, Temasek and the other new investors as they share confidence in our vision of helping to reshape Indonesia’s beauty industry landscape.
“We believe EV Growth’s vast professional network, and Temasek’s extensive experience of investing in growth companies in Asia, will enable us to continue growing our products and services to reach more people and create greater value for the development of beauty tech industry in this country.”
EV Growth also led the company’s last round, a $12m series C in May 2018 that included fashion e-commerce platform iStyle and UOB Venture Management, a subsidiary of financial services firm United Overseas Bank.
Sociolla had previously received an undisclosed amount in a 2015 series B round that included iStyle and East Ventures. It followed a series A round of undisclosed size led by Venturra Capital and backed by East Ventures and Steve Christian earlier the same year.
