Jakarta, Indonesia – Sociolla, an Indonesian beauty startup, has raised US$60m in funding, led by Temasek and L Catterton. Other participating investors include existing investors East Ventures and Jungle Ventures.
According to e27, the funding round followed a US$56m funding round that the company announced in May 2021 which it used to support its regional expansion plan.
Christopher Madiam, president and co-founder at Sociolla, said, “Sustainability has been our core principle since day one, and all of our bold moves are always well calculated. This is why we have been able to generate stellar growth despite the pandemic and raise new funds from marquee investors, validating our business model and robust fundamentals.”
He added, “While we have never been afraid to be an industry game changer, our relentless pursuit of sustainable growth over the long run defines us and will continue guiding our path forward.”
Sociolla aims to start with the Southeast Asian region’s over US$10b beauty market. Following its 48 stores across 15 cities in Indonesia, it has also started expanding into Vietnam with 13 locations at the moment.