Sylvia Duruson
Uncover, an emerging beauty brand from Africa, has successfully secured $1.4 million in Seed II funding. The round was led by EQ2 Ventures and igniteXL Ventures, with additional participation from Chui Ventures, Samata Capital, and Altree Capital. This funding milestone comes three years after the company’s inception in Kenya, marking a significant step in its growth trajectory.
The brand’s expansion plans are ambitious, with recent entries into Nigeria, Uganda, and Ghana. Uncover is now setting its sights on the Democratic Republic of Congo as its next market. This strategic growth is fueled by the company’s unique approach to skincare, which combines Korean beauty technology with African botanical ingredients.
EQ2 Ventures, a Dubai-based investment firm, has been closely following Uncover’s progress since its early days. Patrick Thiriet, CEO of EQ2 Ventures, expressed admiration for the company’s clear vision and mature execution. He believes Uncover has the potential to become a leading skincare and beauty brand for Africa.
IgniteXL Ventures, a Silicon Valley-based global fund, also participated in this round after previously investing in Uncover’s seed round. Claire Chang, Founding Partner of igniteXL Ventures, highlighted Uncover’s data-centric approach and its ability to build one of Africa’s most engaged digital communities.
Chui Ventures, an Africa-based investment company focusing on early-stage startups, joined the round as well. This diverse group of investors brings together global and local perspectives to support Uncover’s growth plans.
The funding will be used to further develop Uncover’s tech platform, launch new products, expand into new markets, and continue leveraging data to create skincare solutions tailored for melanin-rich skin. The brand has also noticed demand from diaspora populations globally and is exploring partnerships in key North American markets.
Uncover was founded by an all-female team with a mission to prioritize women of color who have been historically underserved by the beauty industry. The company has developed a tech platform that supports product discovery, provides educational content, and fosters community engagement. This approach has allowed Uncover to accumulate valuable data points on women’s skincare needs, driving personalization in their product offerings.
Sneha Mehta, Co-Founder and CEO of Uncover, emphasized that the brand is more than just skincare – it’s a movement to address the needs of women of color. The company’s focus on data-driven products and personalization has fueled significant growth, with revenue increasing tenfold in the 24 months following their last funding round.
The African beauty market is experiencing rapid growth, outpacing global averages according to McKinsey’s 2023 global beauty report. With Africa’s youth population expected to become the world’s largest in the next 10 to 15 years, there is immense potential in this underserved market.
Uncover’s success can be attributed to its omnichannel approach, combining online and offline strategies to build a strong platform. By partnering with top retailers, the brand has increased visibility, trust, and availability of its products.
Jade Oyateru, Co-Founder and COO of Uncover, expressed excitement about partnering with investors who share their vision for the future of women’s skincare and wellness. The new funding will enable Uncover to enter its next growth phase, expand its product portfolio, enhance its technology, and reach more consumers seeking personalized skincare solutions.
