Grace Ashiru
Uncover, a Kenyan marketplace for skincare products, has secured $1.4 million in seed funding to expand its reach into the US, Ghana, and Uganda.
Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover utilizes user data collected through quizzes and other interactions on its app to create personalized skincare products. These products are developed in labs based in South Korea. Uncover distributes its skincare products through its e-commerce platform and via retail partnerships with pharmaceutical chains such as Goodlife and Medplus in Kenya and Nigeria.
“Our industry has historically represented only a few skin tones in testing, and we are among the first brands to conduct tests on women in Africa. It’s exciting to begin in Africa and witness global demand and opportunities for our solution,” said Sneha Mehta, CEO of Uncover.
Uncover has just completed its third funding round, having previously raised $100,000 in a pre-seed round from Antler VC in 2021 and $1 million in a seed round in 2022. In this latest round, Uncover facilitated exits for early investors through a secondary sale, as stated by its CEO.
“Secondary sales were driven by demand. There was more demand than the round size,” said Mehta.
EQ2 Ventures and IgniteXL Ventures led this funding round, with additional participation from Chui Ventures, Samata Capital, and Altree Capital.
Uncover operates in Africa’s beauty and personal care market, which is projected to grow to $83.19 billion by 2028. The demand for skincare products is fueled by Africa’s young and fashion-savvy middle-class population, who have made these products a part of their daily routine.
The startup reports having over 200,000 users across Kenya, Nigeria, and the diaspora, and has seen a 10x revenue increase in the past 24 months since its last funding round. Uncover also stated that it broke even in the past year and is on the path to profitability.
“We are incredibly impressed with Uncover’s use of data and technology to understand their core customer’s needs,” said Claire Chang from IgniteXL Ventures.
