Skincare firm Uncover raises Sh122.7mn for African expansion - Capital Business
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From left: Catherine Lee, Jade Oyateru and Sneha-Mehta

Kenya

Skincare firm Uncover raises Sh122.7mn for African expansion

NAIROBI, Kenya, Dec 5 – Nairobi-based skincare firm, Uncover has raised Sh122.7 million $1 million in seed capital to scale up its operations in Kenya and establish presence across Africa.

Key investors included FirstCheck Africa, Samata Capital, Future Africa, IgniteXL as well as a number of angel investors.

“Since we invested, the company’s growth has been incredible, and the team is already working on its third country entry. FirstCheck Africa is thrilled to have been one of Uncover’s earliest backers.” FirstCheck Africa Co-Founder & General Partner Eloho Omame said.

The Company said plans were underway to expand into the Nigerian market in January 2023. Nigeria, one of the major beauty and personal-brand markets in the continent, valued at N1tr, according to a report by the Euromonitor.

“We are so proud of this important milestone in our journey and couldn’t be more excited to have our new investors as partners. The funds will be used to fund the launching of more products, going into additional markets and also improving on our tech and data to effectively produce, reach and market to our audience,” Uncover co-founder and Chief Executive Officer Sneha Mehta said.

Uncover Co-Founder and Chief Operations Officer Jade Oyateru said the goal of the Company Is to ensure women across Africa have access to safe, effective, and affordable skincare that’s specifically made to target their skin concerns.

“We are making African women a priority and not an afterthought. I am excited that this investment will aid our expansion plans to markets on the continent,” Oyateru said.

Mehta said since launch the startup’s revenue had grown many-fold, buoyed by the growing demand for its products, recording 20x growth in monthly revenue and garnered a loyal and highly engaged community of almost 60K women.

“The rapid traction we’ve seen in 24 months since launch is testament to the need for healthy, safe and affordable women’s health products specifically made for women of color combined with digitally enabled customer education and product discovery tools,” Mehta said.

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Uncover, born out of a global VC accelerator (Antler) is a data-driven, digital-first women’s brand made specifically to address women’s health and wellness in Africa – the world’s fastest-growing but most underserved beauty personal care market.

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