Dubai-based eyewear platform Eyewa secures new funding from General Atlantic, according to a recent report, for expanding its omnichannel operations.
Dubai-based eyewear startup Eyewa has secured a new round of investment from global growth equity firm General Atlantic. The investment, which was made earlier this year, hasn't been publicly announced, and details about the current round of investment, such as the size and other investors, are not yet clear.
According to available data, Eyewa's most recent major funding round was its Series C, completed in two tranches. The first tranche raised $44 million led by Accel, while the second tranche was led by Peak. However, there is no public indication that General Atlantic participated in this funding round [1].
Eyewa is the largest online eyewear retailer in the region, offering a wide range of products including prescription glasses, sunglasses, blue light glasses, colour contact lenses, and corrective contact lenses. The company's products are available through its website, mobile apps, and a growing network of retail stores.
In 2021, Eyewa opened its first store in Dahran and has since expanded its network to over 120 stores, with nearly 100 of them in Saudi Arabia. The startup's expansion into retail was driven by a desire to be closer to customers, as stated by Mehdi Oudghiri, the co-founder and co-CEO of Eyewa [2].
Eyewa's product range includes glasses and lenses from its in-house brands (Blackout, Layala, and 30Sundays) and international fashion brands (Hugo, Tommy Hilfiger, and Guess) [3].
General Atlantic has previously invested in the region, having invested in Property Finder in 2018 [4]. The investment in Eyewa marks another step for General Atlantic in supporting the growth of tech-enabled businesses in the Middle East.
Despite the lack of specific details about the current investment round, the investment in Eyewa by General Atlantic is a testament to the startup's potential and growth in the eyewear market.
[1] Source 1 [2] Source 2 [3] Source 3 [4] Source 4
Eyewa continues to attract investment from leading global firms, demonstrating the potential growth of technology-enabled businesses in the Middle East, as evidenced by the recent undisclosed investment from General Atlantic, who have also invested in property technology firm Property Finder. The eyewear startup, which offers a wide range of products including its in-house brands and international fashion brands, aims to bridge the gap between customers and its offerings through various channels such as its website, mobile apps, and growing retail stores.
