Uncover, a burgeoning beauty brand from Africa, has successfully raised $1.4 million in a Seed II funding round. The round was led by EQ2 Ventures and IgniteXL Ventures, with additional investments from Chui Ventures, Samata Capital, and Altree Capital. The funding round also included a significant secondary transaction to meet investor demand.
Global and Local Investor Participation
EQ2 Ventures, a Dubai-based firm investing in innovative tech-enabled businesses across the Middle East and Africa, co-led the round. IgniteXL Ventures, a Silicon Valley fund dedicated to innovations at the nexus of health, technology, and consumer experiences, also played a pivotal role, continuing its support from Uncover’s initial seed round. Chui Ventures, an African investment company backing early-stage startups, joined the round as well.
Strategic Growth and Expansion Plans
The newly raised funds will support Uncover’s ambitions to enhance their tech platform, launch new products, and expand into new markets. The brand aims to leverage data to become the leading skincare brand tailored for melanin-rich skin. Uncover’s products are in demand not only in Africa but also among diaspora populations globally, prompting the company to forge partnerships in key North American markets.
Investor and Founder Statements
Patrick Thiriet of EQ2 Ventures expressed his admiration for Uncover’s founders, Sneha Mehta and Jade Oyateru, highlighting their clarity of vision and execution. Claire Chang of IgniteXL Ventures praised Uncover’s data-driven approach, which has built a highly engaged digital community in Africa’s beauty sector.
Sneha Mehta, Co-Founder and CEO of Uncover, emphasized the brand’s mission to prioritize women of colour, who have been overlooked by the beauty industry for generations. Jade Oyateru, Co-Founder and COO, celebrated the partnership with investors who share their vision for advancing women’s skincare and wellness.
Africa’s Booming Beauty Market
According to McKinsey’s 2023 global beauty report, Africa’s beauty market is the fastest-growing worldwide, doubling the global average growth rate. Uncover is uniquely positioned to address the underserved needs of this market, leveraging data and technology to develop products specifically for melanin-rich skin.
Impressive Growth and Community Engagement
Uncover has experienced a tenfold increase in revenue over the past 24 months, fueled by their expansion into Nigeria and the launch of new products. Their digital community has grown to over 200,000 women across Kenya, Nigeria, and the diaspora. Uncover’s omni-channel approach combines a robust online consumer tech platform with strategic offline partnerships to drive visibility and availability.
With this significant funding round, Uncover is set to accelerate its growth, enhance its product offerings, and continue its mission to revolutionize the beauty industry for women of colour globally.
