Zuri secures initial institutional tech investment from Launch Africa Ventures to help push expansion. African beauty startup, Zuri uses technology to enhance its services, and has received its first institutional investment from Launch Africa Ventures.
Zuri Secures Initial Institutional Tech Investment
The investment from Launch Africa Ventures, which was finalized in the fourth quarter of 2023, marks a significant milestone for Zuri. Thus enabling the company to expand its operations across Africa and Europe and strengthen its position in the market.
This latest funding round follows Zuri’s successful closure of a $1.25 million investment round in 2023. As well as the launch of a new $5 million financing initiative aimed at fueling growth and expansion efforts.
Founded by Gisela Van Houcke in 2016, Zuri operates on a franchise model, focusing on the development, production, and distribution of hair products and cosmetics. Additionally, the company offers performance and inventory management solutions tailored for hair salons, catering to both individual consumers and businesses.
Zuri Ambitions to Further Extend Its Reach
While already established in the Democratic Republic of the Congo, Uganda, and Rwanda, Zuri has ambitions to further extend its reach into markets such as France and Belgium.
With a customer base of up to 20,000 individuals, a workforce of 60 employees, and a growing presence on social media platforms, Zuri is dedicated to empowering women and enhancing accessibility to beauty products.
Zuri’s Commitment to Challenging Traditional Beauty Standards
The CEO of Zuri emphasized the company’s commitment to challenging traditional beauty standards. And also providing women with the tools and resources to embrace their unique beauty.
And according to Launch Africa Ventures, the said investment as you should know helps provide 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’ Role in Funding Startups Across Africa
Launch Africa Ventures has been a key player in funding startups across the African continent. And it is poised to maintain its position as the most active investor in 2021.
The firm’s extensive reach has seen investments in 19 African countries and the completion of over 120 transactions. Notably, Launch Africa Ventures has held the title of the most active investor in Africa for two consecutive years.
The Beauty Tech Sector in Africa
The beauty tech sector in Africa is experiencing rapid growth, with projected revenue expected to reach $73.4 million by 2024. Thus reflecting an impressive annual growth rate of 17.38%. This expansion is driven by the popularity of virtual makeup try-on applications and personalized skincare solutions, particularly in countries like South Africa.
MORE RELATED POSTS
