Jan 18, 2022
Temasek-Backed Beauty Startup in Talks to Get Up to $200 Million
(Bloomberg) -- PT Social Bella Indonesia, a beauty-products startup backed by Temasek Holdings Pte, is in talks with investors to raise $150 million to $200 million for a growth push, according to people familiar with the matter.
The Jakarta-based company is negotiating for a funding round that would propel its valuation past $1 billion, said the people who asked not to be named as the matter is private. A valuation of about $1.2 billion to $1.4 billion is being discussed, one of the people said.
Social Bella operates online cosmetics and personal-care retailer Sociolla as well as 40 offline stores in Indonesia and Vietnam, according to its website. The company raised $58 million in a Series E funding round from investors including Temasek, Jungle Ventures and Pavilion Capital in 2020. It secured a further 818 billion rupiah ($57 million) from L Catterton and other backers last year.
The company is among a slew of e-commerce startups raising funds to expand in the booming Southeast Asian market. The region’s internet economy is set to double to $363 billion by 2025, research from Google, Temasek and Bain & Co. shows.
A representative for Social Bella declined to comment.
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