Kenyan skincare and wellness brand Uncover Skincare has raised USD 1mn in funding to support its entry into the Nigerian market and facilitate growth in its home market. The startup secured funds from FirstCheck Africa, Samata Capital, igniteXL Ventures, Future Africa and angel investors, bringing the total amount raised to USD 1.225mn.
In another Kenyan deal, Lipa Later has bought Sky.Garden following the latter’s initial plan to file for insolvency. The BNPL platform’s decision is part of its plans to enter the e-commerce space after operating at its periphery as an online payment facilitator. The acquisition means the platform is well positioned to expand its customer base by leveraging the e-commerce platform’s infrastructure and market presence.
Plans are also in motion to integrate Sky.Garden in Rwanda, Uganda and Nigeria, markets in which the Lipa Later operates.
Last month, we saw no other option than to file for insolvency. Today, I’m happy to see that Sky Garden will live on with new owners and new management. We built a great product over time, and I believe Lipa Later has the potential to take Sky Garden to the next level. Through this acquisition, the vision of Sky Garden will continue to live on while retaining jobs and businesses on our platform.
Martin Majlund, founder Sky.Garden
Meanwhile in Nigeria, SheEquity, a VC firm that applies a gender lens to its investments has backed Owoafara, a Nigerian fintech that caters to individuals who are unbanked. The company, which was co-founded by Tale Alimi (who is also the CEO) provides digital banking services such as payments, credit, health insurance and pensions. It will use the funds to execute its West Africa growth strategy.