Base Receives Series A Funding of 94 Billion Rupiah Led by Rakuten Ventures
Antler, East Ventures, Skystar Capital and Pegasus Tech Ventures were also involved in this funding round
DTC startup for care products and wellness "Base" received series A funding of $6 million or around 94,3 billion Rupiah. The round was led by Rakuten Ventures, followed by past investors including Antler, East Ventures, Skystar Capital and Pegasus Tech Ventures.
Previously, Base obtained A pre-series funding led by Skystar Capital with participation from East Ventures, Antler, iSeed Southeast Asia, Pegasus Tech Ventures, XA Network, and angel investors.
In her official statement, Rakuten Ventures Associate Regina Ho said, so far the beauty care product industry in Southeast Asia is still dominated by foreign brands. In addition, its products are sold at prices above the average consumer's income.
"This makes us excited by Base's ability to overturn traditional consumer expectations that high-quality products don't have to be expensive. We hope to support Base's journey to fill the growing void of personal care in Southeast Asia," Regina said in her official statement,
Base was founded by Yaumi Fauziah Sugiharta and Ratih Permata Sari in 2019 with initial operations through a Direct-to-Consumer (D2C) strategy. Then, Base expands the distribution to online and offline (O2O) to reach regional cities. Now, Base has served product delivery to 34 provinces in Indonesia.
One of Base's missions is to fight for the diversity and inclusivity of the beauty needs of the Indonesian people by offering skin care made from vegan and presenting the "Smart Skin Test" feature.
Partner at East Ventures Melisa Irene added, "We have believed in Base innovation from the start. Its local expertise and approach results in high quality and sustainable skincare products that meet market demands. We look forward to more innovation and growth that will be brought by Yaumi, Ratih and the team. Base."
Biotechnology-based products
Base Co-founder & CEO Fauziah Sugiharta revealed that this funding will be used to develop new product lines, including cosmetics, body and hair care, edible wellnessand fragrances. In addition, Base plans to invest further in product innovation and development. One of them combines biotechnology (Biotech) into creative vegan product line development methods.
This is in line with the profile of Base consumers who are identified as gen Z and millennials; a segment that prioritizes environmentally conscious, accessible and sustainable products. Through in-depth product development, it can expand customer growth.
According to a Euromonitor study, the beauty industry experienced significant growth compared to other industries during the pandemic. Meanwhile, its market value is projected to reach $10 billion in 2025 driven by products in the hair, body and skin care categories, with an annual growth of around 6%. With this market potential, Base is well positioned to become a leading player. Base claims to have experienced 10x revenue growth in the past year.
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On this occasion, Base also announced that Muhammad Cipta Suhada would fill the position of Director of People & Culture. Previously, Cipta had a career in a number of leading technology companies, such as Gojek and LinkAja. It seeks to redefine how the world views beauty standards so that everyone can feel empowered and proud of their uniqueness.
"This is also true at Base where we anticipate people to unleash their potential and do what they love. As the company grows, we're excited to welcome more senior leadership members to elevate Base Road as a world-class organization our generation can be proud of." Close it.