A Kenyan skincare product marketplace has raised $1.4 million in seed money to grow into Uganda, Ghana, and the United States.
Uncover, a 2021 startup founded by Sneha Mehta and Jade Oyateru, uses user data gathered from quizzes and other app interactions to produce customised skincare products. These goods are created in South Korean laboratories. Uncover distributes its skincare products via retail agreements with pharmacy chains including Goodlife and Medplus in Kenya and Nigeria, as well as through its e-commerce portal.
“In the past, our business has only included a small number of skin tones in testing; we are among the first brands to test on African women. Commencing in Africa and observing the worldwide need and prospects for our solution,” stated Sneha Mehta, CEO of Uncover.
After raising $1 million in a seed round in 2022 and $100,000 in a pre-seed round from Antler VC in 2021, Uncover has recently concluded its third funding round. According to the CEO of Uncover, in this most recent round, the company made it easier for early investors to exit through a secondary sale.
The desire was what propelled secondary sales. Mehta stated, “Demand exceeded the circular size.
This fundraising round was headed by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital.
The beauty and personal care market in Africa, where Uncover operates, is expected to reach $83.19 billion by 2028. The youthful, stylish middle class population of Africa is driving the market for skincare products by incorporating them into their everyday routines.
The firm claims to have over 200,000 customers in Kenya, Nigeria, and the diaspora, and in the 24 months since its last fundraising round, its income has increased by ten times. Uncover added that it is headed towards profitability and that it broke even last year.
Claire Chang from IgniteXL Ventures stated, “We are extremely impressed with Uncover’s use of data and technology to understand their core customer’s needs.”
