Unilever invests US$4M in ID vegan beauty brand

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Unilever Ventures (UV) has reportedly invested a further US$4 million into vegan cosmetics label ESQA as part of a Series B funding round, according to DealStreetAsia.

The company had reportedly announced the investment in a filing with Singaporean regulator Accounting and Corporate Regulatory Authority (ACRA), added DealStreetAsia.

Based in Jakarta, ESQA was founded by Cindy Angelina, CEO of ESQA and Kezia Trihatmanto, chief product officer of ESQA. The co-founders created ESQA to redefine luxury beauty by making it practical and accessible to cater the demand of affordable luxury.

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In addition, the Indonesian cosmetics brand has an extensive portfolio of makeup and skincare products. All of their products are vegan and Halal Certified.

ESQA is distributed through omnichannel platforms and widely available in marketplaces, eCommerce, and its own direct-to-consumer website.

ESQA has expanded its business into Southeast Asia market, including Vietnam, Singapore, and Malaysia. The brand is also sold in prominent offline retailers such as Sociolla, Sephora, Watsons and local cosmetics stores in 47 cities nationwide. It has also expanded to Vietnam through Sociolla stores across Ho Chi Minh, Da Nang and Hanoi.

MARKETING-INTERACTIVE has reached out for more information.

This comes after it invested US$6 million into the startup in December 2022, taking UV's investment to a total of US$10 million.

Back then, the beauty startup planned to use the additional capital to scale its omnichannel distribution and reach new cities as well as expanding overseas, grow its innovative product offering, talent building, and strengthen their marketing strategy.

“By having consistent profitability, we weren’t looking to fundraise initially, but we realised that strategic expertise is needed as the business grew," said Cindy.

"With Unilever Ventures’ expertise in partnering with visionary founders in building iconic consumer brands across the world and East Ventures’ strong ecosystem in Indonesia, it will empower ESQA to embark on its next stage of growth. We are excited to partner with both marquee investors,” she added.

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