Unilever invests in Luna Daily’s intimate care and first vegan Indonesian company

(Image credit: Luna Daily).

08 Jul 2024 --- Unilever Ventures invests US$4 million in Indonesian skin care start-up Esqa and over £2 million (US$2.56 million) in intimate body care brand Luna Daily.

The FMCG giant’s venture capital arm led the Series B funding round for Esqa following a US$6 million Series A round in 2022, which Unilever and Southeast Asian venture capital firm East Ventures also led. The initial round marked Unilever’s first investment in the Southeast Asian region.

Esqa is Indonesia’s first vegan cosmetics company. A survey from Universitas Gadjah Mada last year found that nearly a quarter (74%) of Indonesians would buy cruelty-free personal care products. This was highest among respondents aged 17-25 (75%) and women (77%).

The Jakarta-based brand was founded in 2016 by childhood friends Cindy Angelina and Kezia Trihatmanto. Esqa’s portfolio includes makeup for the face, eyes, cheeks and lips.

Friends Cindy Angelina and Kezia Trihatmanto started Esqa after returning to Indonesia after going to university in Los Angeles.Esqa is regarded as a “TikTok famous” brand, gaining 765,000 followers on Instagram and TikTok. It plans to open five to ten stores in big cities where its brand is already established.

“We believe that every woman is naturally beautiful and makeup is not supposed to change your look, but to enhance your natural beauty. So we develop innovative products that are the cutting edge in the international makeup scene,” say the co-founders on the brand’s website.

According to Fashion Network, the Indonesian beauty market is estimated to be worth US$8 billion and is expected to reach US$9.6 billion by 2025, making it the fastest-growing in Southeast Asia.

Intimate care category growth
The exact amount Unilever Ventures invested in Luna Daily was undisclosed but confirmed to be greater than £2 million (US$2.56 million), bringing the brand’s total funding raised to date to £4.7 million (US$6 million).

The intimate care brand plans to use the funds to expand its motherhood offerings, which it has been developing with dermatologists, gynecologists and a pelvic floor physiotherapist.

“I was engaged instantly with the Luna Daily product offering and positioning and how multi-functional the product range is, in particular, the motherhood range — a space that has been previously overlooked,” says Michelle Kennedy, founder of Peanut and an angel investor supporting the brand.

It also plans to invest in marketing, increase influencer spending and realign its internal marketing team.Unilever Ventures invests in the growing intimate care market.

“The collaboration will bring unparalleled global expertise and resources at such an exciting time for Luna Daily’s growth,” adds Katy Cottam, founder of Luna Daily.

The intimate care sector is gaining traction as more consumers regard it as essential to body cleanliness. The feminine hygiene market is reported to grow by US$124.8 million from 2024 to 2028.

Personal Care Insights recently spoke to Dr. Amir Marashi, founder and CEO of Cerē, about the stigma surrounding female pleasure and why orgasming is essential for personal care. The company recently launched kits with female-oriented sex toys designed to be used in tandem with body care products.

Additionally, O Positiv launched URO Intimate Deodorant, which can remove odor and nourish the skin in more sensitive areas. The brand believes women’s healthcare concerns have been “historically overlooked,” which motivated it to create a new intimate care solution.

By Sabine Waldeck

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