Beauty startup Believe mops up $55M in Series C round

Singapore-based consumer products company Believe Pte Ltd, said it has raised Series C funding of $55 million from incoming investors Venturi Partners and IIFL AMC. The investment round also saw the participation from existing investors including Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures.




Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI). The firm said it is serving the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care.

With this funding round, Believe Pte, that houses brands like Lafz, ZM and Dr.Rhazes, has raised $80 million to date across three rounds, the company said.

Believe said its vision to create enduring brands consistent with consumers’ belief systems while ensuring the highest efficacy, quality and uniqueness drives its success across distribution formats in the Middle East and Asia.

As per the official statement, this fundraise will catalyze consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in GCC (Gulf Cooperation Council) and South-East Asia (through both organic and inorganic growth). It would pave a path for the company to become a large global CPG (consumer packaged goods) conglomerate.

“We have received tremendous consumer love all the way from launching our first product in 2019 to witnessing 2.5x growth in the last one year. Our 2000 family of happy Believers is our eyes and ears to the ground that help us be nimble and responsive to consumer needs,” said Ankit Mahajan, CEO of Believe PTE Ltd. “We have created a relentless marketing organization that has the ability to identify consumer needs, use 12-member strong R&D expertise to make fantastic products and then put our international supply chain to deliver global standard products to countries across the world.”

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The Series A and Series B fundraises were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund. The current Series C raise in Believe’s third year of operation is led by Venturi Partners, a Singapore-based investment platform founded by veteran consumer investor Nicholas Cator.