Singapore-based halal cosmetics company raises US$55m in Series C funding led by Venturi

BELIEVE has raised US$55 million through a Series C round led by new investor Venturi Partners, announced the consumer products company in a press statement on Thursday (Apr 21). 

Venturi’s participation marks the Singapore-based private equity firm’s second investment, with India’s interior design and home renovation platform Livspace being the first.

IIFL Asset Management Company (AMC) was also named by Believe as an incoming investor through its latest Series C funding round, although investment from the India-headquartered firm is subject to approval from the Securities and Exchange Board of India.

The latest fundraise saw continued participation from repeat investors Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures.

Previous Series A and B funding series were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East-based fund.

Believe is a house of Muslim audience-focused brands including Lafz, ZM and Dr Rhazes, which offer consumer products spanning skincare, fragrances, make-up and hair care.

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According to the company, these brands have “received incredible customer love” in Bangladesh and India, with a growing base in GCC (Gulf Cooperation Council) countries. The products are sold in over 8 countries and are manufactured in countries including South Korea, Italy, Spain, France, Germany and the UAE.

Believe was established in mid-2019 and is said to have raised over US$80 million over the last 2 years. According to its chief executive Ankit Mahaja, the company witnessed 2.5 times growth in the past year alone.

Venturi’s founder and managing partner, Nicholas Cator, said he was “extremely impressed” with the company’s ability to build a diversified portfolio of products and unique distribution network during the pandemic.

“We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC (beauty and personal care) house of brands,” said Cator.

“With its unique positioning of halal based clean products, (Believe) has addressed the latent need of a large target market in a highly focused manner,” said IIFL AMC fund manager Chetan Naik.

Believe expects its latest fundraise to catalyse market share consolidation in Bangladesh and India via strategic acquisitions, while also deepening reach in GCC and South-east Asia through both organic and inorganic growth.

This will pave the way for the company to become a large global consumer packaged goods conglomerate, it added.