Introduction

Uncover, a rapidly growing Kenyan marketplace for skincare products, has successfully closed an oversubscribed $1.4 million seed funding round. This fresh capital infusion is set to propel the company into new markets, including the US, Ghana, and Uganda.

Founding and Unique Approach

Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover leverages user-provided data through its app to create personalized skincare products. These products are developed in collaboration with top laboratories in South Korea. Uncover distributes its skincare solutions via its e-commerce platform and retail partnerships with pharmaceutical chains like Goodlife and Medplus in Kenya and Nigeria.

Commitment to Diversity

Uncover is committed to inclusivity in the skincare industry. "The industry has represented only a few skin tones in testing, and we are one of the first brands testing on women in Africa," said Sneha Mehta, CEO of Uncover. "What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution."

Funding Journey

This latest funding round marks Uncover's third. The company raised $100,000 in a pre-seed round from Antler VC in 2021, followed by a $1 million seed round in 2022. In the current round, Uncover provided exits for early investors through a secondary sale, driven by high demand. "Secondary sales were driven by demand. There was more demand than the round size," Mehta noted.

Investment Partners

The $1.4 million funding round was led by EQ2 Ventures and IgniteXL Ventures, with additional participation from Chui Ventures, Samata Capital, and Altree Capital.

Market Potential

Uncover operates in Africa’s burgeoning beauty and personal care market, which is projected to grow to $83.19 billion by 2028. The rising demand for skincare products among Africa’s young, fashion-savvy middle-class population underscores this market's potential.

Growth and Future Prospects

The startup boasts over 200,000 users across Kenya, Nigeria, and the diaspora. Since its last funding round, Uncover has seen a tenfold increase in revenue over the past 24 months and has achieved breakeven status, setting a strong course towards profitability. "We are incredibly impressed with Uncover’s use of data and technology to understand their core customer’s needs," commented Claire Chang from IgniteXL Ventures.