Uncover, a Kenyan innovator in personalized skincare, has secured $1.4 million in seed funding to fuel its global expansion strategy. This latest round, led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital, marks Uncover’s third successful capital raise, showcasing strong investor confidence in the company’s unique approach.
Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover leverages user data collected through its app – via quizzes and interactive features – to develop customized skincare solutions formulated in South Korean labs. The company distributes these personalized regimens directly through its e-commerce platform and also partners with major pharmacy chains like Goodlife and Medplus in Kenya and Nigeria.
A Mission-Driven Approach to Inclusive Beauty
Uncover stands out in the skincare industry by prioritizing inclusivity in product development. “The skincare industry has historically under-represented diverse skin tones in testing processes,” explains Sneha Mehta, CEO of Uncover. “We are proud to be one of the first brands to conduct comprehensive testing specifically on women in Africa. It’s exciting to see this commitment to inclusivity resonate not just on the continent, but also generate global demand and opportunities for our solutions.”
Building on Success
This latest funding round follows Uncover’s previous achievements:
- $100,000 pre-seed round secured in 2021 from Antler VC.
- $1 million seed round in 2022.
- 10x revenue growth in the past 24 months.
- Over 200,000 users across Kenya, Nigeria, and the diaspora.
- Profitability achieved within the past year.
- The latest funding round facilitated early investor exits through secondary sales.
Uncover’s strong financial performance and commitment to inclusivity are attracting significant investor interest. “We are incredibly impressed with Uncover’s innovative use of data and technology to deeply understand their core customer’s needs,” says Claire Chang from IgniteXL Ventures. “This data-driven approach allows them to deliver truly personalized skincare solutions that cater to a diverse range of users, both in Africa and beyond.”
A Lucrative Market with Global Potential
Uncover is also strategically positioning itself to capitalize on the booming African beauty and personal care market, projected to reach a staggering $83.19 billion by 2028. The burgeoning middle class, placing a high value on fashion, self-care, and wellness, drives this growth, increasing the demand for high-quality skincare products.
Read also: Access Holdings Announces $233 Million Capital Raise.
Uncover’s personalized approach sets it apart in the market, comparatively by offering tailored skincare solutions that meet the diverse needs of African consumers. The company’s commitment to inclusivity ensures that its products cater to a wide range of skin types and tones, which is a crucial factor in gaining the trust and loyalty of customers.
Moreover, Uncover’s impressive growth trajectory highlights its potential to become a major player in the beauty and personal care industry. By leveraging innovative product development, strategic partnerships, and a deep understanding of its target market, Uncover is not only poised to dominate the African market but also has the potential to expand its reach globally. The company’s vision and strategic initiatives position it to tap into the worldwide demand for inclusive and effective skincare solutions, making Uncover a brand to watch in the years to come.
