Venturi Partners leads SG beauty startup’s $55m series C round

Believe, a direct-to-consumer (D2C) startup specializing in beauty and personal care products, has raised US$55 million in series C funding, boosting its total investments to over US$80 million across three rounds within the last two years.

The latest fundraising was led by Venturi Partners, a Singapore-based fund established by veteran consumer investor Nicholas Cator. IIFL Asset Management joined the round, along with existing backers like Accel and Jungle Ventures  – which led Believe’s series A and series B rounds, respectively – as well as Alteria Capital and Genesis Alternative Ventures.

Photo credit: Believe

Founded in 2019, Singapore-based Believe caters to the Muslim communities in Asia and the Middle East. It carries several brands such as Lafz, ZM, and Dr Rhazes, which are well known in Bangladesh and India as well as countries that are part of the Gulf Cooperation Council (GCC).

The fresh funds will help Believe accelerate its market consolidation through strategic acquisitions in Bangladesh and India. The D2C company also plans to deepen its reach in the GCC market and Southeast Asia.

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Believe says that by positioning itself as a provider of vegan, cruelty-free, halal products, it has become popular with younger users and aspirational consumers.

In the past year, Believe has witnessed 2.5x growth, according to CEO Ankit Mahajan.