Uncover, a Kenyan-founded skincare firm, has secured Sh180.95 million ($1.4 million) in Seed 2 funding from a group of international investors. EQ2 and IgniteXL Ventures led the funding round, with participation from Chui Ventures, Samata Capital, and Altree Capital.
This funding marks a significant milestone for Uncover, allowing the company to accelerate its growth across Africa. Plans include developing a robust tech platform, launching new products, and expanding into new markets like the Democratic Republic of the Congo (DRC).
Investors, including Patrick Thiriet from EQ2 Ventures, praised Uncover’s leadership and strategic execution, recognizing its potential to become a key player in Africa’s skincare and beauty industry.
According to McKinsey’s 2023 global beauty report, Africa’s beauty market is the fastest-growing globally, driven by a youthful population set to dominate the continent in the coming years. This demographic shift presents substantial opportunities for innovative brands like Uncover to meet evolving consumer needs.
Uncover has already made strides by using technology to build a community of over 200,000 women in Kenya, Nigeria, and the diaspora. Their digital platform not only improves accessibility but also provides personalized skincare solutions tailored to diverse consumer preferences.
“This funding allows us to enter our next phase of growth,” said Jade Oyateru, Co-Founder and COO of Uncover. “Our aim is to establish Uncover as a leading skincare and beauty brand in Africa, driven by our commitment to innovation and consumer-focused solutions.”
As Uncover expands and introduces new skincare innovations, the company remains dedicated to reshaping beauty standards across the continent.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
16th July, 2024
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