Eyewa, a Dubai and Riyadh-based eyewear retailer, has secured $100 million in Series C funding, bringing its total funding to $130 million. The company offers prescription glasses, sunglasses, blue light glasses, and contact lenses through e-commerce and retail stores across five Middle Eastern markets.
Key Highlights
- Founded by former Bain consultants, Eyewa initially focused on e-commerce for third-party brands before launching its own.
- The company's in-house brands now account for 96% of its revenue, contributing to affordable pricing.
- Eyewa emphasizes fashion in its eyewear offerings, providing high-quality lenses and eye tests.
- With 150 wholly owned and operated stores, Eyewa is the largest eyewear brand in Saudi Arabia by store count.
- The company plans to expand to Qatar and open a production facility in Riyadh.
Eyewa's rapid growth is notable, surpassing global benchmarks like Warby Parker and Lenskart in its expansion. The company's success is attributed to its focus on affordable, fashionable eyewear and its omnichannel approach. For related information on market trends, see Fintech Funding, Latin America's Growth, and Regulatory Scrutiny. This funding round, led by General Atlantic, highlights the increasing global interest in the GCC region. For more on investment trends, check out ServiceTitan's IPO: A Forced Move Due to Funding Terms.
Eyewa's strategy of providing eye examinations in physical stores has broadened its customer base. The company's focus on customer experience and affordable pricing has contributed to its profitability and year-over-year revenue growth exceeding 50%. To learn more about other successful business models, read about Uber's expansion into AI data labeling.