Uncover, an emerging beauty brand from Africa, has successfully closed a $1.4 million Seed II funding round. This milestone was led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital. In response to investor demand, Uncover also facilitated a significant secondary transaction as part of this funding round. It had raised $1.0 million as at December 2022.
Founded in 2021 by a women-led team, Uncover creates highly effective, science-backed products that are tested and approved by melanated women. It leverages leading K-Beauty technology and innovation, infused with the healing powers of African botanicals like Baobab, Argan and Rooibos to create safe, nourishing solutions for women.
Uncover has developed a tech platform that enhances product discovery, provides relatable educational content, and fosters community engagement. Leveraging thousands of data points on women, the company drives personalization to meet their community’s unique skincare needs.
This funding round brings together both global and local investors to support Uncover’s ambitious plans. The company aims to further develop its tech platform, launch new products, expand into new markets, and continue leveraging data to create the leading skincare brand tailored for melanin-rich skin. Uncover has seen growing demand not only from Africa but also from global diaspora populations and is actively working on partnerships in key diaspora markets in North America.
Uncover is currently present in Nigeria, Uganda, and recently to Ghana; it is planning to set up shop in the Democratic Republic of Congo (DRC). With a loyal and highly engaged digital community of over 200,000 women across Kenya, Nigeria, and the diaspora, Uncover has grown its revenue tenfold in the last 24 months since their last funding round. This growth has been driven by their expansion to Nigeria, the launch of new data-driven products specifically for melanin-rich skin, and investments in their tech platform.
Patrick Thiriet from EQ2 Ventures expressed confidence in Uncover’s leadership, stating, “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 consumer-tech 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 highlighted Uncover’s innovative approach, saying, “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, emphasized the brand’s mission, “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 brands testing on women in Africa. Our data-driven products combined with a tech platform focused on 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, shared her excitement about the new partnerships, “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.”
According to McKinsey’s 2023 global beauty report, the African beauty market is the world’s fastest-growing, expanding at twice the global average. The continent is poised to be home to the largest youth population in the next 15 years, yet it remains underserved and neglected in terms of products and knowledge. Uncover is addressing this gap by listening to the voices of its customers and leveraging data and technology to disrupt this booming market.
Uncover’s omni-channel approach has been critical to its success, combining a strong online consumer tech platform with strategic offline partnerships with top retailers to ensure visibility, trust, and availability. This blend of digital and physical presence positions Uncover to scale effectively within the African beauty market and beyond.
