Kenyan beauty startup Uncover has secured $1.4 million in Seed II funding. EQ2 Ventures and IgniteXL Ventures led the round.
Chui Ventures, Samata Capital, and Altree Capital also participated. This funding will help Uncover expand into Ghana, Uganda, and the United States.
Uncover previously raised $1 million in seed funding in 2022. This scaled up operations and helped them expand to Nigeria. In 2021, the company received $100,000 in pre-seed funding.
Personalised Skincare with a Data-Driven Approach
Sneha Mehta (CEO), Jade Oyateru (COO), and Catherine Lee founded the company in 2021. They use a data-driven approach for personalised skincare, leveraging K-Beauty technology and innovation.
CEO Sneha Mehta attributes the company’s growth to its data-driven products and digital platform. She emphasizes the brand’s commitment to women of color. Mehta claims Uncover is among the first to test products on African women.
Uncover has a digital community of over 200,000 women in Kenya, Nigeria, and the diaspora. Its revenue grew 10x last year after expanding to Nigeria and launching new products.
Uncover’s consumer tech platform facilitates product discovery, customer education, and personalized offerings. It also partners with retailers for offline distribution.
Products are sold through its eCommerce platform and retail partners like Goodlife and Medplus in Kenya and Nigeria.
Jade Oyateru further added that the new funding will help Uncover grow, expand its product line, enhance technology, and reach more consumers.
Also Read: Kenyan Fashion Startup ShopZetu Secures $1 Million Funding
Growing Investor Interest in African Beauty Startups
Uncover is not the only African beauty startup attracting investors. Zuri, present in the Democratic Republic of the Congo, Uganda, and Rwanda, also received investment from Launch Africa Ventures in April to expand across Africa and Europe.
In January 2024, Egypt-based beauty startup Mira also secured $200,000 from Wingoo Investment and Technology to expand its customer base.
These startups are tapping into Africa’s beauty and personal care market. The market’s revenue is predicted to reach $65.93 billion in 2024, with an annual growth rate of 5.99%, reaching $83.19 billion by 2028.