Believe Pte Ltd, a Singapore-based fast-growing consumer products company, has raised $55 million to continue its global mission of delivering breakthrough personal care and beauty products.

The company has received commitments for its "Series C" funding from investors Venturi Partners and IIFL AMC alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures, according to a press release.

Believe Pte Ltd serves the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care.

Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI), it said.

The company that started in mid-2019 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.   

The "Series A" and "Series B" fund-raises 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.

Venturi Partners enables consumer-facing business startups to build disruptive brands in sectors such as FMCG, education, health-tech, home improvement, etc in India and Southeast Asia.

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 and 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."

"With its unique positioning of halal based clean products (devoid of alcohol and animal ingredients), it has addressed the latent need of a large target market in a highly focused manner."

"Its growth is a testament to how a relevantly positioned brand with strong product efficacy creates resonance with its consumer and creates value for all. We are delighted to partner with the exceptional team at Believe for the company's next phase of growth," Naik said.

Afroz Hossain Arefin, business head 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 one 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."

"We have created a relentless marketing organization that has the ability to identify consumer needs, use of 12-member strong R&D expertise to make fantastic products and then put our international supply chain to deliver global standard products to countries across the world," Arefin said.

Md Zahidul Islam, Bangladesh operation head of Believe PTE Ltd, said this fund has been sanctioned to manage the operation in nine countries including Bangladesh. In Bangladesh, this fund will be used for business expansion in terms of brand acquisition, manufacturing and marketing purpose, he added.