Nairobi-based skincare firm, Uncover has raised USD 1 million in seed capital, which it will use to scale up its operations in Kenya and establish presence across Africa.
Key investors include FirstCheck Africa, Samata Capital, Future Africa, IgniteXL as well as a number of angel investors.
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, values at N1tr, according to a report by the Euromonitor.
“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.
Ms. 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.