Uncover, a tech-enabled emerging beauty brand in Kenya, has raised a seed II funding round worth US$1.4 million to expand its digital platform, launch new products, and enter new markets.
EQ2 Ventures and IgniteXL Ventures co-led the funding round, with Chui Ventures, Samata Capital, and Altree Capital also participating. In order to meet investor demand, Uncover also arranged a sizable secondary transaction as part of the financing.
Also read: Kenya’s Game-changing methods to tackle soil acidity in farming
Uncover is a data-driven women’s skincare firm that was founded in 2021 and produces products that are backed by science, extremely effective, and endorsed by women of colour.
Over 200,000 women from Kenya, Nigeria, and the diaspora are part of the virtual community Uncover has created, and in the past 24 months, the company’s revenue has increased tenfold. Having just entered Uganda and Ghana, it is poised for further expansion having raised US$1.4 million in an oversubscribed seed II investment round.
“Uncover is much more than a skincare brand. We are a movement to prioritise women of colour who have been sidelined by the beauty industry for generations. The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa. Our data-driven products combined with a tech platform focused personalization have fueled the company’s growth. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” said Sneha Mehta, co-Founder and CEO of Uncover.
Co-founder and chief operating officer of the company Jade Oyateru expressed her happiness at working with a group of investors that “remarkably” share Uncover’s goal for the advancement of women’s skincare and wellbeing on the continent and beyond.
Also read: Kenya seeks cooperation with China to expand industrial parks
With the funding, Uncover plans to enhance its platform, introduce new goods, enter more countries, and keep using data to establish itself as the top skincare brand for skin that is rich in melanin. The company is actively seeking partnerships in important diaspora markets in North America, having observed demand for their products not only from African communities but also from diaspora populations worldwide.
