A cosmetics firm called Uncover, with its headquarters in Kenya, has acquired $1.4 million in Seed II funding to support its plans to expand into Ghana, Uganda, and the US.
The round was headed by IgniteXL Ventures and EQ2 Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital.
This comes after Uncover successfully collected $1 million in startup money in 2022 to grow its business and reach Nigeria. It received $100,000 in pre-seed funding in 2021.
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Uncover: Redefining Skincare with Data and Innovation
Jade Oyateru (COO), Sneha Mehta (CEO) and Catherine Lee co-founded Uncover in 2021 for personalised skincare using a data-driven approach to create skincare products, leveraging K-Beauty technology and innovation.
According to the CEO, the company’s success has been fueled by its data-driven goods and digital platform that integrates personalisation.
As one of the first companies to test on women in Africa, she added that the brand prioritises “women of colour” who have been marginalised by the beauty business throughout time.
What’s impressive is that they are starting in Africa but are seeing global demand and opportunities for their solution.
According to Oyateru, the money will enable the business to enter its next phase of expansion, diversify its line of products, advance technology, and reach a wider audience.
Uncover’s Growth Strategy for Expansion and Revenue
Over 200,000 women from Kenya, Nigeria, and the diaspora make up the Uncover online community. According to reports, since it directed its fundraising round towards expanding into Nigeria and introducing new data-driven products, its sales jumped by a factor of ten last year.
It is expanding offline through collaborations with merchants and online through a consumer technology platform for specific products and services, customer education, and product discovery.
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Its distribution is through its eCommerce platform and retail partnerships with pharmaceutical chains like Goodlife and Medplus in Kenya and Nigeria.
Other African beauty companies besides Uncover are drawing interest from investors and hoping to grow both within and outside the continent.
Launch Africa Ventures provided funding to Zuri in April so that it may grow throughout Africa and Europe. Zuri is active in the Democratic Republic of the Congo, Uganda, and Rwanda.
To grow its customer base, Wingoo Investment and Technologies provided $200,000 to Mira, another beauty firm based in Egypt, in January 2024.
With sales expected to reach $65.93 billion in 2024 and an annual growth rate of 5.99%, reaching $83.19 billion by 2028, these startups want to take a piece of Africa’s beauty and personal care market.
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