Believe, a beauty and personal product brand, has bagged Series C funding from investors Venturi Partners and IIFL AMC.
Believe Pte Ltd is based out of Singapore and its Series A and Series B fundraising was led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund. The brand, which produces beauty and personal care products, has now raised Series C funding of $55 million from incoming investors Venturi Partners and IIFL AMC alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures, as per a report in Business Standard. Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI).
This fundraise will catalyse consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in GCC (Gulf Cooperation Council) and South-East Asia (through both organic and inorganic growth). It would pave a path for the company to become a large global CPG (consumer packaged goods) conglomerate, the report stated.
The Series A and Series B fundraises were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund. The current Series C raise in Believe’s third year of operation is led by Venturi Partners, a Singapore-based investment platform founded by veteran consumer investor Nicholas Cator. Venturi Partners enables consumer-facing business startups to build disruptive brands in sectors such as FMCG, education, health-tech, home improvement, etc. in India and Southeast Asia. IIFL AMC’s private equity fund that has backed several leading consumer brands will also co-lead this round, subject to approval from SEBI
Believe has brands such as Lafz, ZM and Dr.Rhazes. “The brands have received huge traction in Bangladesh and India with a growing base in GCC (Gulf Cooperation Council) countries. They are sold in over eight countries and are manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany and UAE. Lafz is the flagship premium brand of the firm crafted with traditional ingredients. The company said ZM’s vegan, cruelty-free, single ingredient positioning finds popularity among the youthful and aspirational,” stated the report.