Maloekoe Ventures, Southeast Asia-focussed venture capitals announced that it has made a seed investment into Indonesia-based fashion and beauty social network for millennials The Shonet, short for “Shopping Network”. The total of the funding is undisclosed.
In its official statement, The Shonet shared that it will focus the funding to further its core technology infrastructure, back its marketing activation, and overall team growth.
According to the company, the target market that it serves currently sits on 43 millions of the internet active users, and fashion is the leading category in online purchases. “We focus on providing expert credibility and product reliability to enable Millennials and Generation Z to make better shopping decisions through the engagement with our Insiders, which consist of Indonesia’s fashion, beauty, and lifestyle influencer,” said Elizabeth Kurniawan, Co-founder and CEO of The Shonet.
The Shonet has prominent names in the fashion and beauty industry of the country as its active users, such international celebrity make-up artist Archangela Chelsea; stylist to celebrities like Luna Maya and Cinta Laura Alva Susilo; and founder of Curated First and influencer Catherine Halim.
“It is a platform where everyone can share their opinion towards something and influence
people from it. I can get critical lifestyle information from real experts–not just anyone. Personally, this adds value to my life because it helps me filter through the information
and products in a more efficient and reliable way,” said Catherine Halim.
The Shonet facilitates a platform where Insiders can upload various looks, thoughtful editorial, and curate others’ inspirational posts to engage with their audiences. The integration with extended network such as Grab Daily, LINE Today, and other social media pages and networks also helps growing their network.
To earn money, Insiders can monetise its Shonet presence through innovative brand campaigns, exclusive products and events, advertising, and by selling products.
“We believe that The Shonet’s platform empowers influencers and consumers while providing brands and advertisers the most targeted way to reach Indonesia’s fastest-growing demographic,” said Adrien Gheur, Co-Founder & Managing Partner at Maloekoe Ventures, commenting on the VC’s investment.