PARIS — Indie Indonesian vegan beauty brand Esqa has raised $6 million in a series A round led by Unilever Ventures, Unilever’s enterprise capital and personal equity branch, which is making its first foray into Southeast Asia with the investment.
East Ventures also contributed to the funding.
Esqa is billed to be the primary vegan cosmetics brand to have launched in Indonesia, the fastest-growing beauty market in Southeast Asia, in accordance with digital ecosystem lab iStrata, citing Statista data.
Esqa is understood for its makeup products, but has just expanded into skincare. The brand has 120 stock keeping units, with each being certified halal — alongside vegan.
It’s sold through omnichannel platforms, especially via marketplaces, e-commerce and its own direct-to-consumer website. Brick-and-mortar smart, Esqa is carried in Sephora, Watsons and native cosmetics stores in 47 Indonesian cities. Esqua has broadened its reach in Vietnam through Sociolla stores, as well.
In Southeast Asia, the brand is present in countries reminiscent of Vietnam, Singapore and Malaysia.
Esqa was founded by Cindy Angelina, who serves as its chief executive officer, and Kezia Trihatmanto, the brand’s chief product officer. Their goal was to make luxury beauty each practical and reasonably priced, in accordance with an announcement from Esqa.
“With the growing middle class, Esqa is in the very best position to leverage this masstige market, through its inclusive products designed to simplify the wonder routine of recent women,” said the brand, within the statement.
“Innovation is on the forefront of our brand,” said Trihatmanto, within the statement. “Our approach is to think globally and act regionally, subsequently Esqa is fast in spotting international trends, but catering [them] to Asian skin and native demands, in accordance with our customer-centric focus, providing products that the shopper needs.”
Esqa executives weren’t searching for to fundraise initially, because the brand has been consistently profitable, they said.
“But we realized that strategic expertise is required because the business grew,” said Angelina. “With Unilever Ventures’ expertise in partnering with visionary founders in constructing iconic consumer brands the world over and East Enterprise’s strong ecosystem in Indonesia, it’ll empower Esqa to embark on its next stage of growth.”
That features scaling its omnichannel distribution and reach to recent cities at home and abroad, while growing product offer, talent pool and bolstering its market strategy.
Pawan Chaturverdi, a partner at Unilever Ventures, said Esqa is being built “into one of the vital exciting indie beauty brands within the Southeast Asia.”
“Esqa’s ability to innovate an exciting line of products spotting international trends while customizing to local needs has been instrumental to their early success,” he said.
“There may be a growing demand for high-quality, hyperlocal and reasonably priced beauty products, and we’re certain that Esqa’s revolutionary natural ingredients and wide product offerings will propel Esqa to be a frontrunner in the wonder market in Southeast Asia,” said Avina Sugiarto, a partner at East Ventures.
Other past beauty investments made by Unilever Ventures include True Botanicals, Nutrafol, Frank Body and Plum.
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