Investment firm General Atlantic backs Eyewa's eyewear retail enterprise with a $100 million Series C round, aiming to foster further expansion.
Eyewa Secures $100 Million in Series C Funding for Middle East Expansion
Eyewa, a Dubai and Riyadh-based eyewear retailer, has raised $100 million in a Series C funding round, marking a significant milestone in the company's growth journey. The funding round was led by General Atlantic, with participation from Badwa Capital and Turmeric Capital.
Founded in 2017 by Mehdi Oudghiri and Anass Boumediene, former Bain consultants, Eyewa started by selling products from leading eyewear brands. However, it has evolved into one of the largest eyewear retailers in the region, mainly selling eyewear from its own in-house brands.
The new funds will be used to scale Eyewa's presence across the Middle East. The startup plans to add another 100 stores in 2025, including expansion to Qatar. In the next few months, Eyewa also plans to open a production facility and fulfillment center in Riyadh.
Eyewa's co-CEO, Anass Boumediene, stated that the success in the funding round reflects the strength of their business model and the spirit of innovation across the region's startups. He further emphasized that the funds will be used to strengthen online and offline retail, enhance customer experience, and expand the product range to capture a larger share of the rapidly growing eyewear market in the region.
The expansion strategy includes investing in technology-driven personalized services, leveraging digital channels for wider reach, and possibly exploring strategic partnerships. However, specific details tied directly to Eyewa's latest moves are not explicitly outlined in the search results.
The eyewear market globally and regionally is expanding rapidly due to increasing vision impairments, rising awareness of eye health, and trends like online try-on, sustainable eyewear, and smart eyewear integration. While large companies like EssilorLuxottica and innovative firms in smart and wearable eyewear are aggressively investing in tech and retail expansion, Eyewa’s $100 million funding round would likely support similar growth objectives tailored to the Middle East market.
The startup's main competitor in the region, Magrabi, recently merged with Rivoli, expanding their collective retail footprint to nearly 290 stores across the region. This move by Magrabi underscores the competitive nature of the Middle Eastern eyewear market and the need for continuous innovation and expansion to stay ahead.
In conclusion, Eyewa's Series C funding round marks a significant step forward in the company's mission to become a leading player in the Middle Eastern eyewear market. With the new funds, Eyewa is poised to expand its retail footprint, improve technology-driven personalization, broaden product offerings, and leverage digital channels for wider reach, all while staying focused on the prevailing trends of digital innovation, omnichannel growth, and regional market penetration.
Eyewa plans to use the new funds to enhance its technology-driven personalized services and expand its product range to capture a larger share of the rapidly growing eyewear market in the region. The startup's main focus in its expansion strategy includes investing in technology to stay ahead in the competitive Middle Eastern eyewear market.
