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Unilever Ventures Invests $4 Million in Indonesian Start-Up ESQA

Published July 17, 2024
Published July 17, 2024
ESQA

A filing with the Accounting and Corporate Regulatory Authority (ACRA), a Singaporean financial regulator, revealed Unilever Ventures has invested an additional $4 million in Indonesian makeup brand ESQA as part of a Series B funding round.WHO: Cindy Angelina, who serves as the brand's Chief Executive Officer, and Kezia Trihatmanto, the brand's Chief Product Officer, founded ESQA in 2016 to make luxury beauty both practical and affordable. The business has 120 stock-keeping items across color cosmetics and skincare that are vegan and halal-certified. It is sold across Southeast Asia through omnichannel platforms, primarily via marketplaces and e-commerce, as well as offline retailers such as Sociolla, Sephora, and Watsons, and local cosmetics stores.IN THEIR OWN WORDS: “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 Angelina, ESQA Chief Executive Officer. "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.DETAILS: Unilever Ventures has led the Series B funding round of ESQA, investing a further $4 million.Filings with the Accounting and Corporate Regulatory Authority (ACRA), a Singaporean financial regulator, typically reflect the equity secured so far. The Series B round could be a larger sum and contain other components, like debt.

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