Believe Pte Ltd, a global, Singapore-based FMCG (fast-moving consumer goods) conglomerate that specialises in lifestyle products for the global Muslim audience has recently secured commitments for its Series C funding of $55 million from investors.
Believe is a house of brands that includes Lafz, ZM and Dr Rhazes. The brands have received incredible customer love in Bangladesh and India with a growing base in GCC countries.
Believe Pte Ltd has delivered rapid growth in its relatively short history, thereby inspiring investor interest and has cumulatively raised over $80 million over the last two years, a press release said on Monday.
These brands are sold in over 8 countries and are manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany and UAE.
The funding commitments for Series C have been received from incoming investors Venturi Partners and IIFL AMC, alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures. Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI).
The Series A and Series B fundraise 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. IIFL AMC’s private equity fund that has backed several leading consumer brands will also co-lead this round, subject to approval from SEBI.
Nicholas Cator, Founder & Managing Partner at Venturi said “We are excited to be backing the most experienced BPC founders in the region and have been extremely impressed by their ability to build a diversified portfolio of products and a unique distribution network during a pandemic. We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC house of brands.”
Chetan Naik, Fund Manager at IIFL AMC, said “Believe has demonstrated unprecedented traction and growth in a very short period via its brands focused on the global markets in the BPC segment.”
“We are delighted to partner with the exceptional team at Believe for the company’s next phase of growth,” he added.
Ankit Mahajan, CEO of Believe Pte Ltd said, “We have received tremendous consumer love all the way from launching our first product in 2019 to witnessing 2.5x growth in the last 1 year. Our 2000+ family of happy Believers is our eyes and ears to the ground that help us be nimble and responsive to consumer needs.”
