Uncover, a Kenyan marketplace for skin care products, has raised $1.4 million in seed funding to expand into the US, Ghana, and Uganda.
Launched in 2021 by Sneha Mehta and Jade Oyateru, Uncover uses data provided by users on its app–through quizzes, etc—to create personalized skin care products with labs in South Korea. The company distributes these skincare products through its e-commerce platform and retail partnerships with pharmaceutical chains like Goodlife and Medplus in Kenya and Nigeria.
“The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” Sneha Mehta, CEO of Uncover, said.
This is Uncover’s third funding round. It raised $100,000 in a 2021 pre-seed round from Antler VC and a $1 million seed round in 2022. In its latest funding round, Uncover provided exits for early investors through a secondary sale, according to its CEO.
“Secondary sales were driven by demand. There was more demand than the round size,” Mehta said.
The funding round was led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital.
Uncover is playing in Africa’s beauty and personal care market estimated to grow to $83.19 billion by 2028. Skincare products have become an essential part of the daily routine of Africa’s young and fashion-savvy middle-class population, driving demand for these products.
The startup claims to have over 200,000 users across Kenya, Nigeria, and the diaspora, and has grown its revenue 10x in the last 24 months since its last funding round. Uncover claimed it broke even in the past year and is on course towards profitability.
“We are incredibly impressed with Uncover’s use of data and technology to understand their core customer’s needs,” Claire Chang from IgniteXL Ventures said.
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