This latest injection will be utilized to elevate the omnichannel distribution while strengthening the brand’s marketing strategy, reaching more cities, and expanding its existence overseas.
Heaptalk, Jakarta — ESQA, Indonesia’s indie beauty brand, has raised US$6 million in a Series A funding round led by the venture capital arm of consumer giant Unilever and supported by East Ventures. With the additional capital, this beauty startup plans to scale its omnichannel distribution, reach new cities and broaden overseas, elevate its innovative product offering, build its skillful talent, and reinforce its marketing strategy.
Obtaining the fresh injection, the Co-Founder and CEO of ESQA, Cindy Angelina, conveyed, “By having profitability, we were not looking to fundraise initially, yet we realized that strategic expertise is needed as the business grew. With Unilever Ventures’ expertise in partnering with visionary founders in building iconic consumer brands worldwide and East Ventures’ robust ecosystem in Indonesia, this investment will empower ESQA to embark on its further stage of growth. We are excited to partner with both marquee investors,”
According to the iSTRATA report, Indonesia is the fastest-growing beauty market in Southeast Asia, projected to increase to US$32.9 billion in 2025. The Statista data also disclosed that beauty products continue to elevate, attaining US$6.3 billion in 2020. This outcome is anticipated to climb to 37.7%, or approximately US$8.7 million, by 2025.
Welcoming this brand to be a part of the company’s portfolio, the Partner of Unilever Ventures, Pawan Chaturvedi, stated, “We are delighted to back ESQA into one of the most exciting indie beauty brands in Southeast Asia. The startup’s ability to innovate an exciting line of beauty products spotting international trends while customizing to local needs has been instrumental to its early success.”
ESQA, the first Vegan cosmetics brand in Indonesia, is known as an aspiring local brand providing high-quality products packaged glamorously at a reasonable price. This brand has an extensive portfolio of award-winning makeup products and has expanded into the skincare category.
This cosmetic brand has also established various first-mover products in the country, with 120 Stock Keeping Units (SKUs) total. The entire presented product of this brand has obtained a Halal Certification. Despite the pandemic, ESQA has recorded profitability and significant enhancement. Following this achievement, this investment received will also mark the first investment in the beauty sector that Unilever Ventures made in Southeast Asia.
As delivered by ESQA’s Co-Founder and CPO, Kezia Trihatmanto, “Innovation is at the forefront of our brand. Our approach is to think globally and act regionally to spot an international trend while serving the Asian and local skincare requisites aligned with our focus devoted to our customers while granting a suitable product for them,”
Founded by Cindy Angelina and Kezia Trihatmanto, they created ESQA to redefine luxury beauty by making it practical and accessible to cater to the demand for affordable luxury. With the growing middle class, ESQA is in the best position to leverage this Masstige market through its inclusive products designed to simplify the beauty routine of modern women.
ESQA is distributed through omnichannel platforms and widely available in marketplaces, e-commerce, and its direct-to-consumer website. ESQA has expanded its business into Southeast Asia, 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. ESQA has expanded to Vietnam through Sociolla stores across Ho Chi Minh, Da Nang, and Hanoi.
“There is a growing demand for high-quality, hyperlocal, affordable beauty products. We are certain that ESQA’s natural ingredients and wide-product offerings will propel this brand to be a leader in the beauty market in Southeast Asia. We are pleased to experience ESQA’a growth brought by Cindy, Kezia, and the team,” The partner of East Ventures, Avina Sugiarto, said.
