Singapore-based Believe secures $55Mn in Series C funding round

Singapore-based Believe secures $55Mn in Series C funding round

by Pranali Mehta

Singapore-based beauty brand, Believe Pte Ltd. has raised USD 55 million in Series C funding by IIFL AMC and Venturi Partners. Existing investors such as Accel, Genesis Alternative Ventures, Jungle Ventures, and Alteria Capital also participated in the round.

The company has raised over USD 80 million together in three funding rounds. The Series A and Series B rounds were led by Jungle Ventures and Accel, with participation from Wamda Capital.

The current capital is going to be utilized to expand its market share in Bangladesh and India with the help of strategic acquisitions and make strong connections in GCC countries and Southeast Asia through organic and inorganic marketing methods.

Believe was founded by Ankit Mahajan in 2019, which makes beauty and personal care products that are devoid of alcohol and animal ingredients. It is a Halal-certified beauty brand targeted at Muslims.

Nicholas Cator, founder and managing partner at Venturi, quoted that this investment is a massive opportunity to explode in countries like Southeast Asia, Gulf countries, and Bangladesh. Although there is competition from small unorganized players dominating the market but Believe will be the first one to cater to this huge audience at once.

He added that the total Muslim contribute to 25% of the world’s population, bringing their target market valuation at USD 21 billion and is expected to grow by USD 28 billion in the future.

The investment in Believe is from Venturi’s new $150 million funds that it announced last year. Believe also owns brands like Dr. Rhazes and Lafz, ZM. These brands products are sold in over eight countries and are produced in countries such as Italy, South Korea, Spain, Germany, France, and the UAE.

Chetan Naik, fund manager at IIFL AMC stated that Believe’s success demonstrates how a pertinent positioned brand with excellent product efficacy creates consumer resonance and value for everybody.

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Pranali Mehta

A chemical engineer by qualification, Pranali Mehta dutifully walked down the slated path and worked in a chemical firm for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience in content writ Read more...