Believe it. Say hi to Believe! This Singapore-based D2C startup just raised a $55M Series C. (Yup, you read that right!) Their secret sauce? They're focused on beauty and personal care products for Muslims.

• They have grown over 2.5x in the past year.
• Their products are sold in over eight countries.

Who cashed in? The round was co-led by Venturi Partners and IIFL AMC. Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures also cashed in.

• They have raised over $80M across three funding rounds.

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😉  Only the good stuff

You've heard of the vegan and cruelty-free cosmetics craze. Believe adds a third (but crucial) label on it — halal. 👏🏼

They're the first "house of brands" that carries multiple lines of halal-certified products.

• Most alternatives are smaller, independent and unorganized players.

They have three brands and counting: Lafz (cosmetics and personal care), Zayn & Myza (millennial-focused cosmetics and personal care) and Dr Rhäzēs (household cleansers and disinfectants).

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💄  Why it matters

Halal isn't a craze! It represents a segment of people typically underserved by the world's cosmetics industry. Plus, more Muslims (especially young ones) have more $$$ and are looking for great beauty products they can buy.

Muslims wouldn't be able to use a cosmetics product if it's not halal-certified (aka, compliant with Islamic law).

• This means manufacturing, packaging and logistics all do not contain or get in contact with alcohol and human or animal parts and fluids.

The market's huge (and growing)! It's a massive opportunity. Around 25% of the global population is Muslim— that's nearly 2B Muslims!

• Looking into SEA, Indonesia has the largest Muslim nation globally, with about 230M Muslims.
• Islam is the fastest-growing major religion and is set to hit nearly 3B people in 2060— with the average median age at 24.

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💰 What's with the $$$?

They'll be snapping up market share in Bangledesh and India through strategic acquisitions (aka, new brands joining the family soon!). Plus, it'll also be doubling down on growth in SEA and Gulf Cooperation Council (GCC) countries.