Believe, a direct-to-consumer goods firm based in Singapore that caters to the worldwide Muslim market has secured $55 million in Series C investment headed by Venturi Partners.
Jungle Ventures, Accel, Alteria Capital, and Genesis Alternative Ventures all returned to the round with new investments. The round also includes IIFL AMC, increasing the amount raised by the three-year-old Believe to over $80 million.
According to a press release, the increase would help the company consolidate market dominance in Bangladesh and India (via strategic acquisitions) while also expanding its footprint in the Gulf Cooperation Council and Southeast Asia (through both organic and inorganic growth).
Accel Partners and Jungle Ventures lead the startup’s Series A and Series B rounds, with Wamda Capital from the Middle East joining in.
Believe, which debuted in mid-2019, provides a variety of in-house fashion items in the categories of skincare, perfumes, make-up, and hair care under the in-house brands Lafz, ZM, and Dr. Rhazes. (Lafz is a standard premium brand, whereas ZM is a vegan, cruelty-free, single-ingredient brand).
South Korea, Italy, Spain, France, Germany, and the United Arab Emirates are among the nations where the items are sold and manufactured. The majority of its revenue comes from Bangladesh and India, with an increasing presence in the Gulf Cooperation Council (GCC) countries.
Ankit Mahajan, CEO of Believe, said, “We have received tremendous consumer love from launching our first product in 2019 to witnessing 2.5x growth in last year.”
Nicholas Cator, a seasoned consumer investor, launched Venturi Partners, a Singapore-based investing platform. Venturi’s second investment is Believe.
