Founded three years ago in Kenya, Uncover has expanded its operations to Nigeria, Uganda, and most recently, Ghana. Plans are underway to further expand into the Democratic Republic of Congo (DRC).
Uncover COO Jade Oyateru with Unicover CEO Sneha Mehta
Uncover, a rapidly growing beauty brand based in Africa, has successfully secured $1.4 million in Seed II funding. The investment round was led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital. In addition, Uncover facilitated a substantial secondary transaction to meet the high demand from investors.
- EQ2 Ventures is a Dubai-based investment company that invests across innovative B2B and B2C tech-enabled businesses in the Middle East & Africa.
- IgniteXL Ventures, based in Silicon Valley, is a global fund dedicated to fueling innovation at the intersection of health, technology, and consumer experiences. IgniteXL Ventures participated in Uncover’s seed round and has followed-on to co-lead the company’s round.
- Chui Ventures is an Africa based investment company that backs exceptional African startups at the early stage of their growth.
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 consumertech businesses over the last 8 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 & 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 prioritize women of color 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 personalization 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 personalized skincare solutions."
World’s fastest growing market
The African beauty industry has emerged as the fastest-growing market globally, as highlighted in McKinsey's 2023 global beauty report. This market's growth rate surpasses the global average by a factor of two. Notably, the continent is poised to house the largest youth population within the next 15 years. Despite this potential, the African beauty market has historically been underserved and overlooked in terms of product offerings and market knowledge. Currently, the market landscape is dominated by multinational corporations that primarily engage in import-based strategies or niche brands. To address this gap, Uncover adopts a customer-centric approach, leveraging data and technology to disrupt the world's fastest-growing beauty market.
With a robust and dedicated digital community of over 200,000 women across Kenya, Nigeria, and the diaspora, Uncover has achieved remarkable growth, increasing its revenue tenfold in the past two years since its previous funding round. This expansion was driven by the company's successful entry into the Nigerian market, the introduction of innovative data-driven products tailored to women with melanin-rich skin, and strategic investments in its technology platform.
The synergy between online and offline channels is crucial for achieving scalability within the African beauty industry. Uncover leverages an omnichannel approach, encompassing both online and offline strategies. Online, the company has developed a robust consumer technology platform driven by data analytics to optimize product discovery, customer education, and personalized offerings. Offline, Uncover has forged partnerships with leading retailers to enhance visibility, establish trust, and ensure product availability.