Uncover, a rising star in the African beauty industry, has successfully secured $1.4 million in a Seed II funding round led by EQ2 Ventures and IgniteXL Ventures. Additional participants included Chui Ventures, Samata Capital, and Altree Capital. The round also featured a secondary transaction to accommodate investor demand.
This latest investment will fuel Uncover’s ambitious plans to expand its technology platform, introduce innovative products, enter new markets, and further utilize data to strengthen its position as a leading skincare brand catering to melanin-rich skin. The company has experienced strong demand not only within Africa but also from diaspora communities globally and is actively exploring partnerships in key North American markets.
Patrick Thiriet of EQ2 Ventures expressed his admiration for Uncover’s co-founders, Sneha Mehta and Jade Oyateru, praising their vision and execution. He believes Uncover has the potential to become a dominant player in the African skincare and beauty market.
Claire Chang of IgniteXL Ventures emphasized Uncover’s data-driven approach, which has enabled the company to cultivate a highly engaged and loyal digital community. She sees immense growth potential in Africa’s beauty and wellness sector and believes Uncover is at the forefront of this disruption.
Sneha Mehta, Uncover’s co-founder and CEO, highlighted the company’s commitment to serving women of color who have historically been marginalized by the beauty industry. Uncover’s data-driven products and personalized technology platform have propelled its impressive growth.
Jade Oyateru, co-founder and COO, expressed enthusiasm about partnering with investors who share Uncover’s vision. She anticipates the funding will accelerate the company’s growth trajectory, allowing them to expand their product offerings, enhance their technology, and reach a wider audience.
According to McKinsey’s 2023 global beauty report, the African beauty market is the world’s fastest-growing, expanding at twice the global average. The continent is projected to have the largest youth population in the next 15 years, presenting a significant opportunity for brands like Uncover.
Founded in Uncover has garnered a loyal online community of over 200,000 women across Kenya, Nigeria, and the diaspora. The company has experienced a tenfold increase in revenue in the last two years, driven by its expansion into Nigeria, the launch of new products specifically designed for melanin-rich skin, and investments in its technology platform.
The company employs an omnichannel approach, combining a robust online platform with partnerships with leading retailers to ensure visibility, trust, and product availability. This hybrid strategy is crucial for success in the African beauty market.
With its strong financial backing and innovative approach, Uncover is well-positioned to capitalize on the burgeoning African beauty market and make a lasting impact on the global skincare industry.