The series C financing round, led by Hidden Hills Capital, will be largely used for further physical retail expansion in emerging markets, research and development as well as supply chain diversification.
This latest round brings Y.o.u’s total fundraising to $70 million since the company’s was founded in 2018 by a team that previously worked at Chinese smartphone maker Oppo.
Following its launch in Indonesia, Y.o.u has expanded to the Philippines, Malaysia and Thailand and now has almost 40,000 offline points of sale, selling via franchise stores, supermarkets, convenience stores and department store counters throughout the region, as well as online. Product price points aim at the mass market, with lipsticks for less than $5 and serums for under $15.
It is well-known as a colour cosmetics brand but has also branched into skincare that it says responds to the special needs of local Southeast Asian skin types. Y.o.u’s supply chain is located mainly in China.
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Gojek is ingrained in the consumer psyche across Southeast Asia. With recent investment from Facebook the ‘super-app’ is now valued at $10 billion and poised to boost e-commerce in the region.