Two Beauty E-commerce Platform Gets over $50M Funding

Social Bella, an Indonesian e-commerce platform, and Konvy, a Thai beauty and personal care e-commerce platform, recently announced that they have raised $50 million and $10 million in funding, respectively.

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According to Deal Street Asia, Social Bella raised $50 million in its latest round of funding co-led by LVMH private equity firm L Catterton Asia and Singaporean investment house Temasek. The funding, which reportedly represents about one-third of Social Bella's initial planned capital raise, will come into the company in two tranches, details of which have not yet been disclosed.

Social Bella provides products including cosmetics, skincare, hair care, fragrances and beauty tools to local customers in Indonesia. 2020 also saw the launch of Lilla by Sociolla, a mother and baby care brand, and Social Bella is currently the number one cosmetics website in Indonesia, according to claims.

It is worth mentioning that in May 2021, Social Bella received a funding of $52.9 million led by L Catterton, which is also the first investment by L Catterton in Indonesia.

Earlier in 2020, Social Bella also closed a $58 million Series E round backed by Temasek, Pavilion Capital and Jungle Ventures, which was subsequently used to expand its technology infrastructure and increase its share of the Indonesian beauty and personal care market.

Konvy, a Thai beauty and personal care e-commerce platform, received $10 million in Series A funding from Singaporean venture capital firm Insignia Ventures Partners, marking Insignia's first investment in a Thai startup focused on its home market. The new funds will be used to accelerate the expansion of its omnichannel, international distribution business and staff.

Founded in 2012, Konvy is one of Thailand's largest beauty and personal care e-commerce platforms and was founded by Chinese entrepreneur Leon Huang, who previously managed fashion e-commerce platforms. Konvy found that health and beauty purchases are a priority spending category for Thai consumers and that Thailand has high rates of e-commerce purchases and social media usage, meaning that the average Thai youth spends about two hours and 55 minutes per day on social media. As a result, Konvy's goal is to help local and international beauty brands capitalize on two major trends and reach more consumers.

The platform currently boasts over 1,000 beauty brands from global and local Thai brands and 20,000+ SKUs, including well-known brands such as L'Oreal, Shiseido, Sulwhasoo, Eucerin and LA ROCHE-POSAY.