Unilever Ventures has an impressive record in identifying beauty brands with a big future.
The investment arm of the multinational took a minority stake in Australia’s Frank Body before Chinese private equity major, EverYi Capital, came on board last year and boosted its valuation to $100 million. In 2018, It also stumped up funds for Gallinee, the microbiome skincare pioneer, which was bought by Shiseido in September.
The Indonesian beauty and personal care market is the fastest-growing in Southeast Asia and was valued at US$7.3 billion this year.
Unilever Ventures has led a Series A funding round in Esqa, raising US$6 million for the Indonesian vegan brand.
It’s a first for both parties. Founded in 2016 by BFF entrepreneurs, Cindy Angelina and Kezia Trihatmanto, Esqa was the first local vegan brand to launch in Indonesia. The investment also marks Unilever Ventures first foray into the Southeast Asian market.
The name Esqa comes from the Celtic word “Eska”, meaning pure beauty. The brand offers 120 SKUs, which are certified as halal as well as vegan. The bulk of the range features colour cosmetics, but Esqa has recently expanded into skincare.
The brand is available through marketplaces, beauty websites and its own dedicated site – www.esqacosmetics.com. It is also sold in Sephora, Watsons and beauty stores in over 40 Indonesian towns and cities. Internationally, Esqa has a presence in Vietnam, Singapore and Malaysia.
Unilever Ventures plans to build Esqa “into one of the most exciting indie beauty brands in Southeast Asia”.
The two co-founders welcome the move to upscale the brand. “With Unilever Ventures expertise in partnering with visionary founders in building iconic consumer brands across the world, it will empower Esqa to embark on its next stage of growth,” said Cindy Angelina.
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