Uncover, a Kenyan-founded skincare firm, has successfully secured Sh180.9 million ($1.4 million) from international investors to expand its business portfolio. This Seed 2 funding round was led by EQ2 and IgniteXL Ventures, with contributions from Chui Ventures, Samata Capital, and Altree Capital.
The funding will be utilized to develop a tech platform, launch new products, and expand Uncover’s presence into new markets such as the Democratic Republic of the Congo (DRC). This strategic growth will enable Uncover to reach a wider audience and enhance its product offerings.
Patrick Thiriet from EQ2 Ventures expressed his continued admiration for Uncover’s co-founders, Sneha and Jade, stating, “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.”
According to McKinsey’s 2023 global beauty report, the African beauty market is the fastest-growing market globally, expanding at twice the world’s average. With the continent poised to host the largest youth population in the next 15 years, Uncover is well-positioned to capitalize on the burgeoning market opportunities.
The increasing competition in the beauty space necessitates the adoption of digital solutions to drive sales and engage underserved communities. Uncover has leveraged technology to build a community of over 200,000 women in Kenya, Nigeria, and the diaspora on its digital platform.
Jade Oyateru, Co-Founder and COO of Uncover, highlighted the impact of the funding, stating, “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.” Uncover’s commitment to innovation and growth is set to drive its success in the African beauty market.
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