Niv Della Beauty Innovations, the homegrown beauty and skincare company behind direct-to-consumer (DTC) brands Colourette and Fresh Formula, has announced raising $2 million in its latest funding round.
The fresh funding came from India and Southeast Asia-focused venture capital firm DSG Consumer Partners and Philippine-based early-stage venture investor Foxmont Capital Partners, according to the announcement.
DSG Consumer Partners earlier said Indonesia, Vietnam, and the Philippines will be its top focus markets in Southeast Asia moving forward, investing in brands that are built to challenge the incumbents.
Foxmont, on the other hand, anchored Niv Della’s Seed funding round in 2022.
“Our partnership with Niv Della has been very rewarding as we supported Nina and her team over the last two years,” said Jelmer Ikink, founding partner at Foxmont Capital Partners.
Founded in 2015 by Nina Ellaine Dizon, Niv Della provides makeup products suited for the Filipino lifestyle, skin tones, and the hot and humid Philippine climate.
are on a mission to redefine beauty standards and empower Filipinos
The startup said it will use the fresh funds to hire key talent that can propel the company’s strategic initiatives forward. It also seeks to boost its product development efforts and launch more campaigns.
Niv Della’s newly appointed COO Stephanie Tanjuatco expressed confidence that the fresh funding will help the company achieve its growth target.
“The company grew rapidly by recognizing untapped needs in the Philippine market; and I definitely believe the company can achieve exponential growth–which this fundraise will help us achieve, by amplifying our voice to reach more consumers.” Tanjuatco, who joined the company at the end of 2023, said.
The funding comes as the Philippine e-commerce market is expected to hit P2.2 trillion ($37.6 billion) by 2028 as more consumers make purchases online and more brands enter the space, according to the latest data released by data and analytics firm Global Data.
For the entire Southeast Asia region, the e-commerce market is expected to be worth $186 billion, per data provider Statista.
Dizon earlier said that confidence in grassroots beauty and cosmetic brands is growing rapidly due to the rising demand for high-quality yet affordable beauty products.
She added that the Philippines’ beauty and cosmetics industry and young and tech-savvy population create a vast opportunity for homegrown beauty brands like Colourette to reach new heights and gain market share.