Uncover, an emerging beauty brand in Africa, has successfully closed an oversubscribed $1.4 million Seed II funding round. The round was co-led by EQ2 Ventures and IgniteXL Ventures, with additional participation from Chui Ventures, Samata Capital, and Altree Capital.
Investors and Their Focus
– EQ2 Ventures: A Dubai-based investment firm, EQ2 Ventures focuses on innovative B2B and B2C tech-enabled businesses across the Middle East and Africa.
– IgniteXL Ventures: Based in Silicon Valley, this global fund is dedicated to fueling innovation at the intersection of health, technology, and consumer experiences. IgniteXL Ventures previously participated in Uncover’s seed round and continues to support the brand.
– Chui Ventures: An Africa-based investment company that backs exceptional African startups in their early stages of growth.
To meet high investor demand, Uncover facilitated a significant secondary transaction as part of the funding round.
Uncover’s Growth and Market Potential
The African beauty market is the fastest-growing in the world, expanding at twice the global average, according to McKinsey’s 2023 global beauty report. With Africa projected to have the largest youth population within the next 15 years, the market has been underserved in both products and knowledge. Uncover aims to disrupt this rapidly growing market by listening to its customers and leveraging data and technology.
With a loyal and highly engaged digital community of over 200,000 women across Kenya, Nigeria, and the diaspora, Uncover has grown its revenue tenfold in the last 24 months since its previous funding round. This growth was driven by:
– Successful expansion into Nigeria
– Launch of new data-driven products designed specifically for melanin-rich skin
– Investments in their tech platform
Strategic Approach
Uncover employs an omnichannel approach to scale within the African beauty market:
Online: Building a strong consumer tech platform driven by data to ensure optimal product discovery, customer education, and personalized offerings.
Offline: Building partnerships with top retailers to drive visibility, trust, and availability.
Investor Insights
Patrick Thiriet from EQ2 Ventures said, “We’ve been following Uncover since the early days, and I must say we kept on being impressed by Sneha and Jade. As investors in several consumer-tech 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 and are looking forward to helping them in this journey.”
Claire Chang from IgniteXL Ventures added, “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, loyal digital communities. Africa’s beauty and wellness sector is poised for substantial growth and Uncover is disrupting the sector with the first brand made by and for women in Africa.”
Founders’ Vision
Sneha Mehta, co-founder and CEO of Uncover , emphasized, “Uncover is much more than a skincare brand. We are a movement to prioritize women of colour who have been sidelined 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. 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.”
Jade Oyateru, co-founder and COO of Uncover, added, “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. They bring a wealth of experience in this industry. 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 strategic use of technology, customer-centric approach, and strong support from investors position it well to continue its rapid growth and expansion within Africa and globally.
