Uncover, Kenyan-founded beauty brand with operations in Nigeria, Uganda, and recently to Ghana, has raised $1.4m Seed II funding round to support her expansion plans and to further build their tech platform, launch new products.
The skincare brand made with melanin rich skin in mind, has seen demand for their products not only from Africa, but also from diaspora populations globally and is actively working on partnerships in key diaspora markets in North America and has plans to set up shop in the Democratic Republic of Congo (DRC)
According to Sneha Mehta, Co-Founder and CEO of Uncover, “Uncover is much more than a skincare brand. We are a movement to prioritize women of color who have been side-lined by the beauty industry for generations. The industry has represented only a few skin tones in testing and we are one of the first brand’s 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.”
The funding round was led by Dubai-based EQ2 Ventures and Silicon Valley-based IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital. As part of the round, Uncover also facilitated a significant secondary transaction to accommodate investors’ demand.
Patrick Thiriet from EQ2 Ventures said: “We’ve been following Uncover since the early days, and I must say we kept on being impressed by Sneha and Jade. As investors in several consumertech businesses over the last 8 years, we’ve rarely seen such a combination of clarity in the vision and maturity in the execution. We believe Uncover’s team has what’s required to build a leading skincare & beauty brand for Africa and are looking forward to helping them in this journey.”
World’s fastest growing market
The African beauty market is the world’s fastest growing market according to McKinsey’s 2023 global beauty report, growing 2x the world’s average. The continent will be home to the biggest youth population in the next 15 years and yet, the market has been underserved and neglected in both products and knowledge. Today, you find multi-nationals that are simply import plays or niche brands. Uncover is listening to the voice of its customers, leveraging data and tech to disrupt this world’s fastest growing beauty market.
Uncover, strong of its loyal and highly engaged digital community of 200,000+ women across Kenya, Nigeria, and the diaspora, has grown its revenue 10x in the last 24 months since their last funding round. The growth was underpinned by their successful expansion to Nigeria, launch of new data-driven products made specifically with melanin rich skin women in mind, and investments in their tech platform.
“We are incredibly impressed with Uncover’s use of data and technology to understand their core customer’s needs. By adopting a data-centric approach, Uncover has built one of Africa’s most engaged, loyal digital communities. Africa’s beauty and wellness sector is poised for substantial growth and Uncover is disrupting the sector with the first brand made by and for women in Africa,” said Claire Chang from IgniteXL Ventures.
Uncover, a data-driven women’s skincare brand, was launched in 2021 by a fully female founded team. This innovative brand creates highly effective, science-backed products that are tested and approved by melanated women. Uncover leverages leading K-Beauty technology and innovation, infused with the healing powers of African botanicals like Baobab, Argan and Rooibos to create safe, nourishing solutions for women.
Uncover has built a tech platform that supports product discovery, relatable educational information and community engagement. The company has 1000s of data points on women to help drive personalization for their community’s unique skincare needs.
Uncover was founded in Kenya three years ago, and has now expanded to – with plans to set up shop in the Democratic Republic of Congo (DRC). On a mission to prioritize melanated skin and stories, Uncover aims to have a limitless impact on the wellbeing, self-esteem, and possibilities of women across Africa and beyond.
“We are delighted to partner with a remarkable group of investors who share our vision for the future of women’s skincare and wellness, both on the continent and beyond. They bring a wealth of experience in this industry,” said Jade Oyateru, Co-Founder and COO of Uncover. “This funding will empower us to unlock our next stage of growth, expand our product portfolio, enhance our technology, and reach even more consumers seeking personalized skincare solutions.”
The cross-pollination between online and offline are critical to scaling within the African beauty market. Uncover leverages an omni-channel approach: Online, building a strong consumer tech platform driven by data to ensure an optimal product discovery, customer education and personalized offering. Offline, the company has built partnerships with top retailers to drive visibility, trust, and availability.