Singapore-based Beauty startup: Believe raises $55M in Series C via Venturi Partners, IIFL AMC
- ByStartupStory | April 22, 2022
On Thursday, Believe Pte Ltd, the Singapore-based consumer products startup, that has brands spanning skincare, make-up, fragrances, and hair care, announced that it has raised Series C funding of about $55 million from Venturi Partners and IIFL AMC.
Jungle Ventures, Alteria Capital, Accel, and Genesis Alternative Ventures also participated in the round. Investment from IIFL AMC is subject to approval from the Exchange Board of India (SEBI) and the Securities.
As per the official statement, while deepening its reach in Gulf Cooperation Council ( GCC ) and SouthEast Asia (through both organic and inorganic growth) paving the path to becoming a large global consumer packaged goods (CPGs) conglomerate, this fundraiser will help the beauty startup catalyse consolidating market share in Bangladesh and India (via strategic acquisitions).
The Singapore-based startup was launched in mid-2019 by Ankit Mahajan and is a house of brands that includes ZM, Lafz, and Dr Rhazes. The startup claims that with a growing base in GCC countries, it has received incredible customer love in Bangladesh and India. Over eight countries it is sold and is manufactured across the globe including countries like South Korea, Germany, Italy, Spain, France, and UAE.
A premium brand, Lafz is crafted with traditional ingredients; ZM’s vegan, cruelty-free, single ingredient positioning find popularity among the youthful and aspirational, as per the startup.
Over the last two years, the beauty startup has cumulatively raised over $80 million. With participation from Wamda Capital, a Middle East-based fund, the Series A and Series B fundraise were led by Accel and Jungle Ventures.
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