Beauty and personal care products company, Believe Pte Ltd has raised $55 million in its Series C funding round from Venturi Partners and IIFL AMC.
Other investors including Jungle Ventures, Accel, Alteria Capital, and Genesis Alternative Ventures also participated in this round.
The startup plans to use the funds to strengthen its market share in Bangladesh and India through strategic acquisitions. The startup said it will also deepen its reach in the Gulf Cooperation Council (GCC) and Southeast Asia through both organic and inorganic development.
The Singapore based Believe was founded in 2019 by Ankit Mahajan, it is a house of brands that includes Lafz, ZM, and DrRhazes.
“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 help us be nimble and responsive to consumer needs. We have created a relentless marketing organisation 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”, said, Ankit Mahajan, CEO of Believe Pte Ltd.
The personal care brand sells its products in more than eight countries and is manufactured around the world including countries such as South Korea, Italy, Spain, France, Germany and the United Arab Emirates.
“We have been extremely impressed by BPC founders’ ability to build a diversified portfolio of products and a unique distribution network during a pandemic. We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC house of brands”, said, Nicholas Cator, Founder and Managing Partner at Venturi.
According to the startup, Lafz is a premium brand crafted from traditional ingredients and ZM’s vegan, cruelty-free, single ingredient status has gained popularity among the young and aspiring. Last two years, the startup had cumulatively raised $80 million in its Series A and Series B funding round from Accel and Jungle Ventures with participation from Wamda Capital, a Middle East based fund.
Believe Pte Ltd. Is a global, Singapore-based FMCG conglomerate that provides market-ready solutions for customers by listening to their needs and designing products that suit their culture and life choices.
From breakthrough personal care essentials to beauty products surpassing global standards, their worldwide team of experts use cutting-edge technology, scientifically proven methodologies and ancient knowledge to gift their customers.