Uncover Raises $1.4 Million to Accelerate Skincare in Africa

by | Jul 22, 2024 | Startups News | 0 comments

Uncover, a pioneering skincare startup, has successfully closed a $1.4 million Seed II funding round. This significant milestone will propel the company’s expansion of its innovative skincare solutions across Africa. Specifically, EQ2 Ventures and IgniteXL Ventures led the funding round, with Chui Ventures, Samata Capital, and Altree Capital also contributing.

Addressing Africa’s Growing Beauty Market

The African beauty market, now the fastest-growing globally, expands at twice the rate of the global average. Consequently, Uncover sees substantial opportunities to advance its data-driven, tech-focused skincare solutions. Since starting in Kenya, Uncover has already extended its reach to Nigeria, Uganda, and Ghana. Moreover, the company plans to enter the Democratic Republic of Congo to serve the underserved beauty market across the continent.

A Data-Driven Approach to Skincare

Uncover takes an innovative and unique approach to skincare. Co-Founder and CEO Sneha Mehta explains, “The industry has traditionally tested on only a few skin tones. We are among the first brands to test on women in Africa.” Additionally, Uncover’s data-driven products, combined with a tech-focused personalization platform, have significantly fueled its growth. Despite starting in Africa, Uncover is already experiencing substantial global demand for its solutions.

Key Investors and Their Roles

Prominent investors played a crucial role in the Seed II funding round. For instance, EQ2 Ventures, based in Dubai, invests in innovative B2B and B2C tech businesses across the Middle East and Africa. Similarly, IgniteXL Ventures drives innovation at the intersection of health, technology, and consumer experiences. Chui Ventures supports exceptional early-stage African startups. Furthermore, a substantial secondary transaction occurred to meet high investor demand.

Expanding Across the Continent

Founded three years ago in Kenya, Uncover has made impressive strides. The company’s expansion into Nigeria, Uganda, and Ghana highlights its growing influence in the African beauty market. According to McKinsey’s 2023 global beauty report, Africa will host the largest youth population in the next 15 years. Despite this, the market remains underserved in products and knowledge. Therefore, Uncover aims to bridge this gap using advanced data and technology solutions.

Investor Insights

Patrick Thiriet of EQ2 Ventures shares, “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 and loyal digital communities.”

Conclusion

In conclusion, Uncover’s latest funding round represents a crucial step toward revolutionizing the beauty industry across Africa. By leveraging data and technology, the startup is poised to make a significant impact on the skincare market and address the needs of an underserved population.


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