- Zuri, a tech-driven African beauty startup, has secured its first institutional tech investment from Launch Africa Ventures.
- The just-announced investment by Launch Africa Ventures was completed in Q4 2023 and will help Zuri further its expansion across Africa and Europe, solidifying its market presence.
- This investment from Launch Africa Ventures comes after Zuri closed a $1.25 million round in 2023 and launched a new $5 million financing for growth and expansion.
Zuri, founded by Gisela Van Houcke in 2016, runs on a franchise model that is focused on the design, manufacture, and distribution of hair products and cosmetics. Also, it provides performance and inventory management systems for hair salons. Additionally, it provides these services to both individuals and businesses.
While looking to expand into France and Belgium, Zuri is already present in the Democratic Republic of the Congo, Uganda, and Rwanda.
Zuri says it has up to 20,000 customers, 60 employees, and a growing social media presence. It also aims to empower women and make beauty products more accessible to women.
The startup’s CEO emphasised that Zuri is focused on redefining beauty standards and providing women with the tools to embrace their unique beauty.
According to Launch Africa Ventures, the investment provides a platform for portfolio diversification. “This investment not only taps into the vast African beauty market but also provides diversification within our portfolio, bolstering our position in high-potential sectors while mitigating risk.”
Launch Africa Ventures has been funding startups and is projected to be the most active investor in 2021. At the time, the firm had invested in 19 African countries and completed over 120 transactions; they had also been the most active investor in Africa for two years straight.
The beauty tech market in Africa is expanding, with revenue expected to reach $73.4 million by 2024, representing a 17.38% annual growth rate. Meanwhile, virtual makeup try-on apps and personalised skincare solutions are popular in the market, particularly in South Africa.
