Dr. Rhazes is a brand owned by Believe
Singapore-headquartered Believe, a direct-to-consumer products company serving the global Muslim audience, has raised US$55 million in Series C funding led by Venturi Partners.
Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures returned to invest in the round. IIFL AMC is also participating in the round, bringing 3-year-old Believe’s total raise to over US$80 million.
According to a press note, this raise will catalyse consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in GCC and Southeast Asia (through both organic and inorganic growth).
The startup’s Series A and Series B rounds were led by Accel Partners and Jungle Ventures, with participation from Middle East-based Wamda Capital.
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Launched in mid-2019, Believe offers a slew of in-house fashion products spanning skincare, fragrances, make-up and hair care under the in-house brands, including Lafz, ZM and Dr. Rhazes. (Lafz is the flagship premium brand crafted with traditional ingredients, whereas ZM is a vegan, cruelty-free, single-ingredient brand)
The products are sold in over eight countries and are manufactured across the globe, including countries like South Korea, Italy, Spain, France, Germany and the UAE. Most of its business comes from Bangladesh and India, with a growing base in GCC countries.
Ankit Mahajan, CEO of Believe, said, “We have received tremendous consumer love from launching our first product in 2019 to witnessing 2.5x growth in last year.”
Venturi Partners is a Singapore-based investment platform founded by veteran consumer investor Nicholas Cator. Believe is Venturi’s second investment.
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