The success of beauty startups has forced investors to re-evaluate what has historically been considered a niche women’s space. Sociolla co-founder Chrisanti Indiana tells Gen.T how e-commerce platforms like hers are taking on the established brands
Female-led unicorns are almost as mythical as the prestigious tech-world name for billion-dollar startups, with a recent report showing only 14 of the 132 venture-backed unicorns in the US had female founders. In Asia, the numbers are even lower.
One notable exception is the beauty industry, with women entrepreneurs seeing huge growth over the past few years, and several startups entering the unicorn club.
One of them is Chrisanti Indiana. Her startup Social Bella, best known for beauty e-commerce platform Sociolla, secured US$40 million in a Series D round of funding at the end of 2019, led by Singapore fund Temasek, securing its status as "aspiring unicorn".
The company, which Indiana founded with her two partners in Indonesia, sells coveted cosmetics from more than 140 brands, with 3,000 products available. She has also launched an online journal packed with useful guides to beauty and lifestyle aimed at a Southeast Asian audience.
Indiana has been compared to Glossier’s Emily Weiss, who is American. Both women reshaped the beauty industry of their native countries, changed perceptions of female-led startups and fought against sexism in an industry that initially looked down on the beauty market.
When Weiss first pitched the idea for Glossier, which is now worth US$1.2 billion, to investors, the common response, she claimed, was “Oh, beauty, cute!”. Kirsten Green, the founder and managing director of San Francisco–based Forerunner Ventures, was the exception. Green has spoken publicly about how the momentum that women such as Weiss has created in the world of beauty startups forced investors to re-evaluate what has historically been considered a niche women’s space.
And so they should, given that online beauty brands are on track to grow to US$750 billion by 2024. These numbers, combined with the fact that beauty—far more than fashion—is a very female-run world, is giving women a way to break into the still male-dominated tech world.
“As beauty-tech becomes increasingly popular it will certainly be good for women [entrepreneurs]. I think it is natural that it is driven by a female majority,” says Indiana. “Beauty is a very unique category that needs special knowledge and skill to really understand it. The role of a real beauty enthusiast, a person with sensitivity to beauty, is crucial in creating and developing the right product for the right consumer.”