# Believe Pte

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/believe-pte

- Industry: Consumer Products
- Headquarters: Singapore
- Website: www.believe.sg
- Total disclosed funding: $65M
- Latest round: Series C (Jul 11, 2023)
- Investors on record: 7

## About

Believe Pte Ltd. is a Singapore-based company specializing in digital distribution and label services for independent artists and labels, aiding them in sharing and promoting their music globally.Believe Pte Ltd. was founded in 2019 in Singapore and operates as a digital services company focused on music distribution. Founded by Sharmishta Somayaji, the company has successfully raised a total of USD 42.81 mn in funding, with the latest investment round being a Series C completed on May 28, 2024, involving investors such as 360 ONE and Accel. With a current valuation of USD 270.43 mn, Believe has executed four deals to date.Believe operates in the digital services sector, primarily focusing on music distribution and label services for independent artists and labels. Their core product offerings include a comprehensive digital distribution platform that enables artists to distribute their music across various streaming services and digital platforms globally. This service not only facilitates music availability but also provides analytics tools for artists to track their performance and audience engagement. Believe serves a diverse client base comprising independent musicians, record labels, and content creators, with a commitment to enhancing the visibility and reach of their clients' works. The company has a presence in several key geographical markets, including Europe, North America, and Asia, where it aims to address the challenges of music distribution and promotion faced by independent artists.In 2023, Believe recorded a revenue of USD 25.55 mn with an EBITDA of USD 14.85 mn. The revenue model primarily revolves around digital distribution services, which operate on a commission basis from the revenues generated by the music they distribute. Clients typically engage with the company through subscription agreements or performance-based contracts, where artists and labels pay a percentage of their earnings from streaming platforms. This transactional structure allows for scalable revenue generation as it aligns the company’s success with that of its clients. Believe also provides additional services, including marketing support and promotional tools, which can further enhance revenue from these partnerships.Believe plans to leverage the recent funding raised in May 2024 to expand its product offerings and enhance its technological capabilities in music distribution. The company is exploring the launch of new analytics tools designed for artists to better understand their audience and improve engagement. Additionally, Believe aims to enter new markets in Latin America and Africa by the end of 2025, focusing on providing localized services to meet the unique needs of independent artists in these regions. This strategic expansion is intended to build on the company’s existing framework and enhance its competitive edge in the evolving music distribution landscape.

## Funding rounds

- Series C, Jul 11, 2023, $43M — Accel, Jungle Ventures, 360 ONE, Alteria Capital, Genesis Alternative Ventures, Venturi Partners Pte Ltd
- Series B, Feb 25, 2021, $13M — Accel, Jungle Ventures, Wamda Capital
- Series A, May 14, 2020, $9.1M — Accel, Jungle Ventures

## Investors

- Accel (https://capitalatlas.ai/funds/accel) — Series A, Series B, Series C
- Jungle Ventures (https://capitalatlas.ai/funds/jungle-ventures) — Series A, Series B, Series C
- Wamda Capital (https://capitalatlas.ai/funds/wamda-capital) — Series B
- 360 ONE (https://capitalatlas.ai/funds/360-one) — Series C
- Alteria Capital (https://capitalatlas.ai/funds/alteria-capital) — Series C
- Genesis Alternative Ventures — Series C
- Venturi Partners Pte Ltd (https://capitalatlas.ai/funds/venturi-partners-pte-ltd) — Series C