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SG-based beauty firm Believe secures new funding to fuel product growth

Singapore – Singapore-based beauty company Believe has raised a Series C funding of US$55m from incoming investors Venturi Partners and IIFL AMC, as well as the participation of Jungle Ventures, Accel, and Alteria Capital, as well as Genesis Alternative Ventures. 

Believe serves the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care. Its brands, which include Lafz, ZM and Dr Rhazes, have received incredible customer love in Bangladesh and India with a growing base in GCC countries

The newly secured funding will catalyse Believe’s consolidating market share in Bangladesh and India via strategic acquisitions while deepening its reach in GCC and SEA through both organic and inorganic growth, paving the path to becoming a large global CPG conglomerate.

Ankit Mahajan, Believe’s CEO, said, “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.”

Meanwhile, Nicholas Cator, Venturi’s founder and managing partner, shared that they are excited to be backing the most experienced BPC founders in the region and have been extremely impressed by their 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 Cator.