The first and top vegan cosmetics company in Indonesia, ESQA Cosmetics, raised $6 million in a series A round led by Unilever Ventures marking the latter’s first investment in the Southeast Asian beauty market.
In the said round, East Ventures also participated, the venture arm of the global consumer goods giant.
After spending over ten years living and working in Los Angeles, Cindy Angelina and Kezia Trihatmanto created ESQA in 2016, shortly after their return to Indonesia.
The two intended to redefine luxury cosmetic products and make them more widely available and reasonably priced.
With the acquired funds, the company plans to use the money to reach more cities and markets while also extending its omni-channel distribution.
Additionally, they want to expand their product offerings, foster talent development, and amplify their marketing initiatives.
Prior to this, the company reportedly increased its sales to Vietnam, Singapore, and Malaysia.
TECHINASIA mentioned that one of the company’s expansion initiatives was to sell its goods through Sociolla’s physical storefronts, another East Ventures-backed startup.
Accordingly, the business stated that despite the pandemic, it had managed to turn a profit with its 120 vegan and Halal-certified products.
Avina Sugiarto, a partner at East Ventures, stated in Deal Street Asia that by having consistent profitability, they weren’t looking for high-quality, hyperlocal, and affordable beauty products.
She continued saying “We were certain that ESQA’s innovative, natural ingredients and wide-product offerings will propel ESQA to be a leader in the beauty market in Southeast Asia.”
