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Zuri has successfully closed its latest round of financing, raising $1.25 million. Zuri is a female-owned beauty technology platform that is also an innovative hair care, cosmetics and aesthetics company operating in Africa and Europe.
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This achievement marks an important milestone for Zuri, as part of its growth and internationalization strategy. In line with its development plans, Zuri has launched a new $5 million financing round to accelerate its growth, expand its product range and further develop its platform and brand.
Since its inception in 2016, Zuri has enjoyed impressive growth, bolstering the confidence of investors from diverse backgrounds. The company has successfully raised significant financial resources to support its ambitious growth vision. Over the last two years, the company received funding from XSML Capital, debt financing from Rawbank through its Ladies First program, and contributions from the founders and angel investors. It will be used to internationalize Zuri’s model across Africa and Europe and to further develop its tech-enabled platform to revolutionize the sector, empower black women entrepreneurs and offer unprecedented customer experience.
Zuri has a proven model which it has scaled in Rwanda, Uganda, the Democratic Republic of Congo and online through its ecommerce (www.myzuri.com) with a portfolio of 15,000 customers, 500k followers on social media, 60 women employees and annual growth of 100%. It has also recruited 100 beauty entrepreneurs through its affiliate program and platform. Zuri offers a wide range of hair and beauty products designed by black women for black women through its tech-enabled platform which helps connects beauty entrepreneurs to customers and offer personalized beauty experience.
The African hair and beauty market is growing by 20 percent per year, supported by a growing middle income fashion-conscious population and rapid urbanization. Zuri is positioned to become the leading female-owned African beauty brand. Consumer studies show that only 10 percent of black women’s spending on beauty is spent on black-owned brands. The success of this fundraising will support Zuri’s strategic vision to strengthen its presence in the global market while expanding its product range to meet the diverse needs of its customers.
“The success of our latest financing round testifies to the confidence our investors have placed in Zuri and in recognizing the immense potential for growth that lies within the black female demographic in Africa and Europe,” said Gisela Van Houcke, CEO and founder of Zuri. “The new $5 million funding round we are launching will enable us to accelerate our growth in Africa and internationally, while developing exciting new products to meet emerging market demands. We are also in talks with other investors to support our fundraising ambitions and help Zuri reach its full potential.”
Innocente Lukowa Mbemba, Investment Associate XSML Capital, said: “Led by a driven local entrepreneur and role model, Zuri is serving the growing group of middle-class working women in the markets where we invest. It is using innovative tools to build its brand and accelerate its growth.”
Zuri remains in contact with several venture capital funds interested in its innovative business model. However, these discussions remain confidential at this stage. Zuri’s management team remains committed to ensuring that investors fully understand the market’s potential and the opportunity it represents.
