Kenyan online marketplace for skincare products, Uncover Skincare, has raised US$ 1.4 million in its second seed round which will facilitate expansion into other markets such as the United States, Ghana, and Uganda.
The raise was led by EQ2 Ventures and IgniteXL Ventures, with contributions from Chui Ventures, Samata Capital, and Altree Capital. Since its founding in 2021 by Sneha Mehta and Jade Oyateru, Uncover has raised funding thrice – including a US$ 100,000 in Pre-seed funding and US$ 1 million in seed funding in 2022. After its seed raise, Uncover revenues grew tenfold and investors are positive of the firm’s profitability course. “Our data-driven products combined with a tech platform-focused personalization have fueled the company’s growth. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” said the CEO and co-founder, Sneha Mehta.
The startup has over 200,000 users in Kenya and Nigeria. These markets have a great demand for personal skin care products, and digital technologies that can leverage on that demand are slated to rapidly grow.
“Uncover is much more than a skincare brand. We are a movement to prioritize women of color who have been side-lined by the beauty industry for generations. The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa,” said Mehta.
Uncover attributes its rising star to an array of strategies which aim to understand the core needs of its market. Its online platform is interactive and data-driven to ensure every customers’ preferences and personalized skincare needs are met.
“We are delighted to partner with a remarkable group of investors who share our vision for the future of women’s skincare and wellness, both on the continent and beyond,” said the COO and co-founder, Jade Oyateru.
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