NAMA Beauty, an Indonesian-based and upcoming direct-to-consumer (D2C) cosmetics and skincare company, has secured $5 million in its seed funding round.
The round was led by venture capital firm AC Ventures, with participation from SiCepat Ekspres, and DMMX.
Scalable operations will now be possible with PT Digital Mediatama Maxima Tbk (DMMX) and PT SiCepat Ekspres Indonesia (SiCepat Ekspres), according to the announcement.
Pandu Sjahrir, Founding Partner of AC Ventures, said with SiCepat Ekspres and DMMX, they will assist NAMA in building a high-growth beauty brand and look forward to supporting the company as it scales to reach its full potential.
Offering high-quality skincare and beauty products at affordable pricing, NAMA Beauty’s partnership with DMMX will have access to offline market distribution networks such as the Sampoerna Retail Community (SRC), which spreads across more than 20 cities in Indonesia.
They will also be visible online through the digital commerce platform for the SRC as provided by DMMX.
SiCepat Ekspres, on the other hand, will serve as their logistics partner by assisting the company in fulfillment and delivery services.
Luna Maya, CEO of NAMA Beauty, said they feel “grateful and blessed” working with these companies.
“We believe in the synergy to grow together and maximize the opportunities and momentum,” Maya said in a statement.
Marcel Lukman, Co-Founder of NAMA Beauty, bared that they intend to use the new funding for R&D development, marketing, and branding, hire more talents, and launch a new second-line brand.
Meanwhile, prospects are also bright for the beauty company with the promising growth of the Indonesian beauty market.
Colour cosmetics in Indonesia reportedly have immense market potential, estimated to reach US$1B in 2023, growing at a CAGR of 16.9%.
With a population of 270 million, of which 50% are women and 51% are internet users, the appetite and confidence for locally produced cosmetics are growing.