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///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops///LATE STAGE • Sociolla • US$ 250M • Commerce///POLICY • Gold Export Duties: Progressive Reference-Price Ladder Kicks In///SERIES A • Hangry • US$ 10.5M • F&B///POLICY • Coal Export Tax 2026: Indonesia Signals a New Resource-Rent Phase///SERIES B • Honest • Undisclosed • Fintech///POLICY • Export FX Repatriation: Proceeds Routed Through State Banks From 2026///SEED • Arummi Foods • US$ 2M • F&B///POLICY • OJK POJK 4/2025: Financial Aggregators Move Into a Licensing Regime///PRE-SEED • IDRX • US$ 300k • Web3///POLICY • Finfluencer Rules: OJK Tightens Conduct Around Securities Marketing///SERIES C • Yup • US$ 32M • Fintech///POLICY • Dormant Accounts: New Standardization Changes Bank Data and Ops
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Social Bella
Series F

Jakarta| Est. 2015

Product sales through e-commerce and 48+ physical stores, marketplace commissions, brand distribution services (SDI business unit), advertising partnerships, and subscription services. Controls SOCO review platform with 30M+ members.

Total FundingUS$ 226M
ValuationUS$ 564M

Investment Thesis

"Indonesia's $6B+ beauty market opportunity with massive young female demographic. Authenticity concerns (counterfeits) drive demand for certified products."

Recent Signals

  • 01$60M funding (Oct 2022).
  • 02Expanded to 48 stores Indonesia, 13 in Vietnam.
  • 03Improving margins.
  • 04Private label brand launches.

Key People

  • J
    John Rasjid
  • C
    Christopher Madiam
  • C
    Chrisanti Indiana

Cap Table

TemasekL Catterton (LVMH-backed)Jungle Ventures East Ventures EV Growth

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