Somethinc Reportedly Raised Series B Funding

Company beautytech known as brand "SomeThinc", reportedly in the middle of raising series B funds. From the data that has been inputted to the regulator, currently they have recorded an investment of $10 million or more than 150 billion Rupiah. Venture capitalists who have entered this funding round are Sequoia Capital and Prosus Ventures.

Previous, Sequoia Capital has previously supported the company's business journey which has been established since 2019. DailySocial.id tried to contact the relevant team to ask for confirmation, but until this news was published, there has been no response to the email sent.

The potential of the beauty market which is quite large in Indonesia has invited various new innovations in this sector. SomeThinc is one of the local products that shines amidst the onslaught of global brands that dominate the industry. Not even three years into existence, this company has dominated various shopping sites in the cosmetic or category skincare.

Founded in 2014 by Irene Ursula, Somethinc is a brand of technology company Beautyhaul. at that time E-commerce still in stage early, It builds beautyhaul, a marketplacebrand curated beauty and care. This platform provides various brand cosmetics, both global and local.

From a business perspective, SomeThinc does not just apply one business model. The company positions itself as creative business, which means there is a creation where "content is king and distribution is GodThe company produces internal content, then runs supply chain leaders and warehouse alone. In addition, they also focus on omnichannel and distribution, including direct to consumer (D2C).

In a recent interview with Co-Founder Marsela Limesa, the company is currently intensively implementing technology and aggressively seeking talent to support business growth. In the future, the company hopes to offer services end-to-end, if possible, have supply own.

Invest in the beauty industry

Around 2020-2021, the beauty industry has been highlighted because of the large amount of funding for a sector that is often considered not implementing technology. In fact, several companies have emerged with innovations new enough to disrupt the sector.

Previous DailySocial.id had time to review train beautytech in Indonesia, which is defined as a new model for actors in the beauty industry in reaching consumers. Its business model no longer revolves around conventional distribution channels, but combines the power of technology and digital.

Companies like Sociolla managed to raise more than 841 billion Rupiah from Temasek, Pavilion Capital, and Jungle Ventures. In addition, several local startups managed to get funding from venture capital (VC) includes Base, Nusantics, SYCA, callista,Raena and Alatte Beauty. Each company has utilized technology to develop products and identify consumer needs.

According to Statista, the demand for beauty products will increase to $9.6 billion in 2025. In the future, it is not impossible that beauty tech startups will spread their wings in Asia Pacific. Asia Pacific is the largest beauty industry market in the world, accounting for 43% of the total world market. Some of the countries that are the biggest markets are China, South Korea, and Japan.