Kenyan skincare marketplace Uncover has secured $1.4 million in seed funding, setting the stage for its expansion into the United States, Ghana, and Uganda.
Launched in 2021 by Sneha Mehta and Jade Oyateru, Uncover leverages user data gathered from app-based quizzes to develop personalized skincare solutions. These products are formulated in South Korean laboratories and distributed through Uncover’s e-commerce platform and partnerships with pharmaceutical retailers like Goodlife and Medplus in Kenya and Nigeria.
CEO Sneha Mehta highlighted the unique approach of the company: “The skincare industry has often overlooked diverse skin tones in its testing processes. We are pioneering efforts to include African women in these tests. Starting in Africa, we are now seeing a global demand for our innovative solutions.”
This latest funding marks Uncover’s third round of investment. The startup raised $100,000 in a pre-seed round in 2021 from Antler VC, followed by a $1 million seed round in 2022. Uncover provided early investors with an exit through a secondary sale in the most recent round. “The demand for secondary sales exceeded the round size,” Mehta noted.
The funding round was led by EQ2 Ventures and IgniteXL Ventures, with additional support from Chui Ventures, Samata Capital, and Altree Capital.
Uncover is tapping into Africa’s rapidly growing beauty and personal care market, projected to reach $83.19 billion by 2028. The increasing popularity of skincare products among Africa’s young, style-conscious middle class is driving this growth.
The startup reports having over 200,000 users across Kenya, Nigeria, and the African diaspora, with revenue growing tenfold in the last two years since its previous funding round. Uncover also achieved breakeven status in the past year and is on the path to profitability. Claire Chang of IgniteXL Ventures praised the startup’s innovative approach: “We are extremely impressed with Uncover’s use of data and technology to cater to their customers’ needs.”
Play audio
No comments