Nairobi-based skincare firm, Unicover 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.
“We are 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,” Unicover Co-founder and Chief Executive Officer (CEO) Sneha Mehta said in a press statement.
The CEO said that since the launch, the startup’s revenue had grown many-fold, buoyed by the growing demand for its products, recording 20 times growth in monthly revenue and garnered an engaged community of almost 60,000 women.
“The rapid traction we’ve seen in 24 months since the 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 maintained.
At the same time, Unicover 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,” stated Oyateru.
Commenting on the funding, FirstCheck Africa Co-Founder and General Partner, Eloho Omame said: “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 Unicover’s earliest backers.”
The Company said plans were underway to expand into the Nigerian market in January 2023 which is one of the major beauty and personal-brand markets in the continent, valued at N1tr, according to a report by the Euromonitor.
Unicover, 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.
