RIYADH: Eyewa, a Riyadh-based eyewear retailer, has secured $100 million in a Series C funding round led by General Atlantic, with participation from Badwa Capital and Turmeric Capital.
The funding will support Eyewa's plans to expand its regional presence, enhance its supply chain, and drive innovation in the eyewear sector. The company aims to open at least 100 new stores by 2025, expanding its current network of over 150 locations across the Gulf Cooperation Council region, including Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
"We are proud and further emboldened by the significant trust shown by top global and regional investors," said Anass Boumediene, co-founder and co-CEO of Eyewa.
The capital will also be used for investments in research and development and talent acquisition, as Eyewa seeks to solidify its position as a leader in the eyewear market. The company plans to establish a "state-of-the-art" production hub in Riyadh in the first quarter of 2025, which will include a warehouse, fulfillment center, and lens manufacturing unit to improve delivery efficiency and speed.
Co-founder and co-CEO Mehdi Oudghiri highlighted the company's customer-centric approach: "This achievement reflects the dedication of our team, our strong omnichannel retail record, and our commitment to challenging the status quo." The additional capital will enable Eyewa to develop innovative products tailored to customer needs and enhance the customer experience across the region.
Based in both Riyadh and Dubai, Eyewa was founded in 2017 and has become a prominent omnichannel retailer, combining e-commerce with physical stores to meet growing consumer demand. The company also operates The Optical Club, a brand focused on providing affordable and accessible eyewear options.
Abdullah Al-Rugaib, co-founder and managing director of Eyewa, stated: "As part of our mission to make eyewear accessible to everyone, we will leverage our new partners' support and continue our retail expansion across the GCC." He added that their extensive network and advanced app, along with a tech-enabled supply chain, make Eyewa the preferred retail platform for customers in the region.
Ziyad Baeshen, vice president at General Atlantic and a board member at Eyewa, commented: "The company's impressive growth is a testament to the leadership team's vision and the consumer demand for authentic, direct-to-consumer brands in the Middle East."
Additional investor support came from Badwa Capital and Turmeric Capital, both of whom praised Eyewa's leadership and vision. Abdulaziz Al-Falih, partner at Badwa and board member at Eyewa, said: "Since our initial investment, we have been impressed by the team's clear vision and strong execution." Fabio Andreottola, partner at Turmeric Capital, added: "Eyewa embodies innovation and ambition in the Middle East's retail landscape. We are proud to support Eyewa's team during this critical growth phase."
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