Singapore-based beauty product startup Believe Pte Ltd. raised USD 55 million in Series C funding on April 21, 2022. Venturi Partners and IIFL AMC led the funding for Believe. Existing investors such as Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures also participated in the round.
Purpose of Funding for Believe
With the recent fundraising, Believe will further consolidate its market share in Bangladesh and India via strategic acquisitions. Meanwhile, it will look to deepen its reach in the Gulf Cooperation Council ( GCC ) and SouthEast Asia through organic and inorganic growth. The beauty products brand wants to become a large global consumer packaged goods (CPG) conglomerate.
So far, the company has raised more than USD 80 million across three funding rounds.
Previously, Accel and Jungle Ventures, along with participation from Wamda Capital, a Middle East-based fund, led the Series A and Series B rounds for the platform.
What the founder has to say
“We have received tremendous consumer love 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.
What the investors have to say
“We are excited to be backing the most experienced BPC (beauty and personal care) founders in the region. We have been extremely impressed by their ability to build a diversified portfolio of products and a unique distribution network during a pandemic. With its strong team and group of investors, We are convinced that Believe will become the leading global halal and clean BPC house of brands,” said Nicholas Cator, founder & managing partner at Venturi.
Chetan Naik, Fund Manager at IIFL AMC, said, “Believe has demonstrated unprecedented traction and growth in a very short period via its brands focused on the global markets in the BPC segment. With its unique positioning of halal based clean products (devoid of alcohol and animal ingredients), it has addressed the latent need of a large target market in a highly focused manner. Its growth is a testament to how a relevantly positioned brand with strong product efficacy creates resonance with its consumer and creates value for all. We are delighted to partner with the exceptional team at Believe for the company’s next phase of growth.”
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