Believe Pte raises $55M in Series C funding to continue its global mission of delivering breakthrough personal care and beauty products

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Till date, Believe has raised over US $80 million across three funding rounds and continues to treble revenue YoY 

Singapore-headquartered Believe Pte Ltd, a fast-growing consumer products company serving the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care has raised Series C funding of US $55M 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 Company (started in mid-2019) has delivered rapid growth in its relatively short history, thereby inspiring investor interest and has cumulatively raised over US$ 80M 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.

This is Venturi's second investment and is a testament to the investment platform's expertise in identifying and supporting multi-geography, high-growth consumer brands with an online and offline presence. 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."

With the likes of Swiggy, Licious, Dailyhunt, and Country Delight in its portfolio, IIFL AMC looks to back market leaders and disruptors across businesses, while keeping sight of profitability at steady state. 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."

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. They are sold in over 8 countries and are manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany and UAE.

While Lafz is the flagship premium brand crafted with traditional ingredients; ZM's vegan, cruelty free, single ingredient positioning finds popularity among the youthful and aspirational.

Believe's vision to create enduring brands consistent with consumers' belief systems while ensuring highest efficacy, quality and uniqueness drives its success across distribution formats in the Middle East and Asia. This fundraise will catalyze consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in GCC and South East Asia (through both organic and inorganic growth) paving the path to becoming a large global CPG conglomerate.

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 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. 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."

IndigoEdge, Bangalore (India) headquartered investment bank focused on new age consumer brands was the sole advisor for this transaction.

ITDI's biodiesel antifreeze to boost foreign sales

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With the DOE 2017-2040 Philippine Energy Plan targeting to maintain a B2 biodiesel blending, as shown in its long term (2020-2040) Biofuels Roadmap, local processors are having difficulty finding an antifreeze that would ensure their biodiesel gets a slice of the foreign market.

Cleotilde A. Bulan, head of the Industrial Chemicals Section at the Industrial Technology Development Institute (DOST-ITDI), stressed the need for local processors for a locally-produced antifreeze agent that would complement the Philippine biodiesel from coconut. The biodiesel industry sector needs "this" to ensure that the coconut methyl ester (CME) or coco biodiesel can compete in the world market. GlobeNewsWire has reported that the global biodiesel market is currently standing at the size of USD23,290 million and is expected to reach USD25,880 million by the end of 2026 (CAGR of 1.5% during 2021-2026).

Bulan explains further what antifreeze does. Also known as a coolant, it lowers a liquid's freezing point, which is why it is added to vehicles' radiators. In foreign localities, antifreeze allows cars to operate in a variety of temperatures, from frigidly cold to scorchingly hot.

By adding a mixture of chemicals and water, antifreeze helps ensure that the liquid in radiators does not freeze over during winter or boil up during summer, thus overheating the engine.

But, how does an antifreeze exactly work? How does it protect engines?

Bulan said that the key lies in coolants' boiling and freezing points. Pure water has a boiling point of 212°F (100°C) and a freezing point of 32°F (0°C). However, by using a 50/50 mixture of water and ethylene glycol, the M boiling point rises to 223°F (106°C), and the freezing point lowers to -35°F (-37°C).

By taking it a step further, using a 30/70 mixture of water and ethylene glycol, the boiling point rises to 235°F (113°C), and the freezing point lowers to -67°F (-55°C).

However, Bulan's team is working on a different antifreeze agent -- the synthesis of glycerol (a naturally occurring alcohol) acetals. Here, glycerol acts to prevent freezing damage, such as ice crystal formation.

Foreign research studies show that at lower glycerol concentrations like 10-20%, the frozen stock will be fairly solid at -80°C, while at higher concentrations (30-50%), it may remain partially liquid.

Bulan's team has since applied for a patent for the glycerol acetal and biodiesel samples. (amguevarra\\ ITDI S&T Media Service)

ITDI develops stabilizer from Okra

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The Industrial Technology Development Institute (DOST-ITDI) has developed a stabilizer from a new source - okra.

Most stabilizers or natural hydrocolloids come from plant (pectin, carrageenan, cellulose gum, locust bean gum), animal (gelatin), or microbial (xanthan gum, gellan gum) sources.

Hydrocolloids are water-loving and are used as functional ingredients to increase product consistency, improve the gelling effect, and control the microstructure, texture, flavor, and shelf life of food or non-food products.

Oliver C. Evangelista, team leader of the project on sourcing hydrocolloids from okra, said, "local markets have a daily oversupply of okra, including an excess volume of off-specs and material rejects." He added that this excess volume of off-specs makes okra an ideal source of natural hydrocolloid because this new demand will not be competing with current uses for it.

Evangelista is thus encouraging food manufacturers and processors to utilize their okra or other by-products and generate additional income by creating value-added and innovative products.

"Interested parties can visit ITDI to explore the development of new products from their waste materials. Our Modular Multi-Industry Innovation Center or InnoHub sa Pinas is equipped with multi-functional modular equipment that can be retrofitted to suit every manufacturing line," he explained.

Results of several studies on the viscosity or thickness of spray-dried okra fluid have resulted in two new products. These include banaba milk tea and toothpaste with calamansi seed oil.

ITDI has partnered with Greenstar Produce Philippines Inc. to produce these new products. Established in 2007 as a group company of Watari Co., Ltd. in Kanagawa, Greenstar processes fresh okra varieties and exports these to Japan. (AMGuevarra\\ITDI S&T Media Service)