- EQ2 Ventures is a Dubai-based investment company that invests across innovative B2B and B2C tech-enabled businesses in the Middle East & Africa.
- IgniteXL Ventures, based in Silicon Valley, is a global fund dedicated to fueling innovation at the intersection of health, technology, and consumer experiences.
- Chui Ventures is an Africa based investment company that backs exceptional African startups at the early stage of their growth.
Skincare startup Uncover has successfully closed a $1.4 million (Sh181 million) Seed II funding round, a fresh injection of capital that will see the company expand its footprint across Africa.
According to Uncover, this financing round was led by Dubai-based investment company EQ2 Ventures, Silicom Valley global fund IgniteXL Ventures, with participation from Chui Ventures, Samata Capital and Altree Capital.
“The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa. Our data-driven products combined with a tech platform-focused personalization have fueled the company’s growth. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” explained Sneha Mehta, Co-Founder and CEO of Uncover.
Dubai based EQ2 Ventures has a reputation of investing across innovative B2B and B2C tech-enabled businesses in the Middle East & Africa while IgniteXL Ventures, is a global fund dedicated to fueling innovation at the intersection of health, technology, and consumer experiences.
Uncover Closes Funding Round
IgniteXL Ventures participated in the seed round and has followed-on to co-lead the company’s round. Chui Ventures is an investment company that backs exceptional African startups at the early stage of their growth.
The latest funding round brought 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.
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According to a market update by Uncover, the company is witnessing a rise in the 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.
Founded in Kenya three years ago, the skincare company has since expanded into Nigeria, Uganda, and recently to Ghana, with plans underway to expand to the Democratic Republic of Congo (DRC).
At the moment, the African beauty market is the world’s fastest-growing segment, the McKinsey’s 2023 global beauty report, shows, stating that this market is growing two times compared to the world’s average.
The survey by the global advisory firm says Africa is projected to become home to the biggest youth population in the next 15 years and yet, the market has been underserved and neglected in both products and knowledge.
