Uncover, a Kenyan marketplace specializing in skin care products, has secured $1.4 million in seed funding, signaling its intent to expand its operations into the US, Ghana, and Uganda.
Personalized Beauty Solutions
Since its launch in 2021 by founders Sneha Mehta and Jade Oyateru, Uncover has revolutionized the industry by leveraging user data to create personalized skin care products. These products are developed in labs located in South Korea and delivered to customers through the company’s e-commerce platform and strategic retail partnerships across Kenya and Nigeria.
Addressing Diversity and Global Demand
Embracing diversity and inclusivity, Uncover stands out for its testing on a wide range of skin tones, particularly focusing on women in Africa. CEO Sneha Mehta recognizes the global appeal and demand for their innovative solutions, driving the company’s expansion beyond African borders.
Strategic Funding Rounds and Growth Trajectory
With this being Uncover’s third funding round, the company has demonstrated steady growth and investor confidence, having raised $100,000 in a pre-seed round in 2021 and $1 million in a seed round in 2022. The recent funding round not only attracted prominent investors but also facilitated exits for early backers through a secondary sale.
Market Potential and Revenue Milestones
Amidst Africa’s booming beauty and personal care market projected to reach $83.19 billion by 2028, Uncover has positioned itself as a key player catering to the rising demand for skincare products among the continent’s fashion-forward middle-class population. With over 200,000 users and a revenue surge of 10x in the past 24 months, Uncover’s profitability trajectory is on a promising path, marking significant growth and market impact.
Praise for Innovation and Customer-Centric Approach
Investors like EQ2 Ventures, IgniteXL Ventures, Chui Ventures, Samata Capital, and Altree Capital have lauded Uncover’s innovative use of data and technology to cater to customer needs. Claire Chang from IgniteXL Ventures highlighted the company’s customer-centric approach, underscoring its competitive edge in the beauty and personal care industry.