Nairobi-based skincare firm Uncover has raised funds amounting to $1 million (Sh122 million) in seed capital to scale up its operations in Kenya as it eyes other parts of Africa.
Key investors include FirstCheck Africa and Samata Capital. Others are Future Africa, and IgniteXL alongside a number of other angel investors.
The firm, founded in 2020 by the trio of Sneha Mehta, Catherine Lee and Jade Oyateru, says plans are underway to expand into the Nigerian market by January next year.
Nigeria is one of the major beauty and personal-brand markets on the continent, valued at NGN1 trillion (Sh276.5 billion), according to a report by market research firm 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,” said Uncover CEO Sneha Mehta.
Ms Mehta said since inception, the startup’s revenue had grown multiple-fold, buoyed by a steady growth in demand for its products. According to the CEO, the firm has recorded over 20 times growth in monthly revenue on top of garnering an actively engaged community of close to 60,000 customers.
“The rapid traction we’ve seen in 24 months since launch is a testament to the need for healthy, safe and affordable women’s health products specifically made for women of colour combined with digitally enabled customer education and product discovery tools,” Ms Mehta stated.
Uncover describes itself as a data-driven, digital-first women’s brand made to specifically address women’s wellness in Africa through personal beauty care.
“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,” said the company’s Chief Operations Officer Jade Oyateru.
Venture capital arrangements have in recent years found Africa a rich ground for investing in startups that fall under previously underserved and fast-growing sectors of the economy.