Skincare company Uncover closes $1.4m funding round
The round was led by EQ2 Ventures and IgniteXL Ventures.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Uncover, an emerging beauty brand in Africa, has closed a $1.4 million Seed II funding round led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital.
Kenya-based Uncover plans to use the funds to further build its tech platform, launch new products, expand to new markets and continue to leverage data to build the leading skincare brand made with melanin rich skin in mind.
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 eight 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 and beauty brand for Africa and are looking forward to helping them in this journey.”
Claire Chang from IgniteXL Ventures said: “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.”
Sneha Mehta, co-founder and CEO of Uncover said, “Uncover is much more than a skincare brand. We are a movement to prioritise women of colour 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 brand’s testing on women in Africa. Our data-driven products combined with a tech platform focused personalisation 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 said, “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 personalised skincare solutions.”
Uncover has grown its revenue 10x in the last 24 months since its last funding round. The growth was underpinned by their successful expansion to Nigeria, launch of new data-driven products made specifically with melanin rich skin women in mind, and investments in its tech platform.
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here