Uncover has raised $1.4m in a Seed II funding round led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital. As part of the round, Uncover also facilitated a significant secondary transaction to accommodate investors’ demand.
Uncover was founded in Kenya three years ago and has expanded to Nigeria, Uganda, and recently to Ghana, with plans underway to expand to the Democratic Republic of Congo, DRC. The innovative brand creates highly effective, science-backed products that are tested and approved by melanated women. Uncover leverages leading K-Beauty technology and innovation, infused with the healing powers of African botanicals like Baobab, Argan and Rooibos to create safe, nourishing solutions for women.
EQ2 Ventures is a Dubai-based investment company that invests across innovative B2B and B2C tech-enabled businesses in the Middle East & Africa. While IgniteXL Ventures, based in Silicon Valley, is a global fund dedicated to fueling innovation at the intersection of health, technology, and consumer experiences. IgniteXL Ventures participated in Uncover’s seed round and has followed-on to co-lead the company’s round. Chui Ventures on the other hand is an Africa based investment company that backs exceptional African startups at the early stage of their growth.
The round brings together global and local investors to support the Uncover team in their plans to further build their tech platform, launch new products, expand to new markets and continue to leverage data to build the leading skincare brand made with melanin rich skin in mind. Uncover has seen demand for their products not only from Africa, but also from diaspora populations globally and is actively working on partnerships in key diaspora markets in North America.
Patrick Thiriet from EQ2 Ventures said: “We’ve been following Uncover since the early days, and I must say we kept on being impressed by Sneha and Jade. As investors in several consumertech businesses over the last 8 years, we’ve rarely seen such a combination of clarity in the vision and maturity in the execution. We believe Uncover’s team has what’s required to build a leading skincare & beauty brand for Africa and are looking forward to helping them in this journey.”
Jade Oyateru, Co-Founder and COO of Uncover said, “We are delighted to partner with a remarkable group of investors who share our vision for the future of women’s skincare and wellness, both on the continent and beyond. They bring a wealth of experience in this industry. This funding will empower us to unlock our next stage of growth, expand our product portfolio, enhance our technology, and reach even more consumers seeking personalized skincare solutions.”