Altree Capital concludes investment in Uncover

June 2023

Altree Capital is delighted to announce its recent investment in Uncover Skincare. Uncover, is a digitally enabled, data-driven women's wellness and skincare brand for Africa, the world's fastest growing but most underserved beauty market. Established in 2020, the company has successfully launched a range of skincare products and is currently in the process of developing several new products that it plans to release in the near future. Uncover has seen tremendous growth in just 24 months from launch. Uncover has surpassed the USD1M in revenue run-rate, with 600% revenue growth in the last year and has a fastgrowing, loyal digital audience of 160K+, thanks to its community-led, engagement driven content. Uncover started in Kenya and expanded to Nigeria in February 2023, and it is seeing strong demand from women across the African continent and diaspora. The brand was largely unknown in Nigeria but has gained strong brand awareness with some top retailers In Nigeria like Medplus, who have expanded Uncover's footprint and visibility across their outlets.

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	Uncover Skincare Nigeria Launch

Altree Capital was particularly drawn to Uncover due to its unique leadership, an all-female founding team steering the beauty and wellness brand tailored for African women. Leveraging a robust online and social media presence, Uncover has cultivated a flourishing and growing customer community, significantly elevating its brand awareness in regional marketplaces. Uncover has also launched a WhatsApp commerce store where they broadcast advertisements to their customers and customers can browse and checkout all within WhatsApp. Although the WhatsApp launch is still being tested, Uncover has seen a 30x return on ad spend (ROAS) since the launch and Uncover plans to roll out additional features such as booking consultations on WhatsApp and a loyalty programme.

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	Jenni at MedPlus Nigeria with an Uncover sales representative, Biola

Uncover is developing products tailored to the needs of African women, utilizing premium ingredients and cutting-edge production techniques, which has positioned the company as an attractive investment for Altree Capital. With only a handful of businesses in the region competing, there is significant potential for growth. In addition, it distinguishes itself by offering products that not only meet local market demands but also blend state-of-the-art Korean production with a customer-focused design. A key strategic advantage lies in its commitment to creating a community centred around health. Uncover has a strong management team with diverse and adaptable skill sets, backed by substantial industry expertise. Altree is working with Uncover to implement an ESG Policy and ESMS as well as looking to improve the company’s carbon footprint in certain key areas.

Altree Capital’s strategic alliance with the U.S Government’s Prosper Africa initiative has played a pivotal role in making the Uncover Skincare investment not only possible but also reflects our shared commitment to encouraging viable business practices and positive environmental impact.