Africa’s burgeoning beauty market, valued at $62.5 billion in 2022 and projected to reach $103.5 billion by 2030, is experiencing rapid growth. This surge is driven by rising disposable incomes, increasing urbanization, and a growing young population eager to embrace personal care.
Uncover, a data-driven Kenyan skincare company, is capitalizing on this trend. The startup has raised $1.4 million in seed funding to accelerate its global expansion. The round was co-led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital.
Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover leverages user data collected through its app to create tailored skincare solutions. The company uses quizzes and interactive features to gather information and develop customized regimens.
With a digital community of over 200,000 women across Kenya, Nigeria, and the diaspora, Uncover has reportedly grown its revenue 10x in the last 24 months. The company has recently expanded into Uganda and Ghana and is now poised for further growth.
Uncover distributes its products through its e-commerce platform and partners with major retail chains in Kenya and Nigeria. The company is committed to inclusivity, prioritizing testing on women of color who have historically been underrepresented in the beauty industry.
“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,” said Jade Oyateru, COO and co-founder of Uncover. This latest funding round marks another successful capital raise for the company.
“We’re proud to be among the first to prioritize testing on African women,” said Uncover CEO Sneha Mehta. “We’re thrilled to be starting in Africa, but the potential for our solution is clearly global,” Mehta added, highlighting the exciting prospects for Uncover’s personalized skincare approach in new markets.
by Tony O. Lawson
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The post Uncover Secures $1.4M for Global Skincare Expansion appeared first on SHOPPE BLACK.
