With the help of Badwa Capital and Turmeric Capital, as well as General Atlantic, a top global growth investor, Eyewa, the biggest and fastest-growing eyewear retailer in the region, has raised $100 million in its Series C funding round.
Eyewa’s future plans and goals to preserve and solidify its position as a regional leader in the retail of eyewear will be significantly influenced by the capital. In addition to opening at least 100 new stores by 2025, it has set aside a portion of the profits for talent acquisition and R&D investments. By adding more than 150 GCC locations to its already strong footprint, Eyewa will strengthen its well-known brand in Saudi Arabia and the United Arab Emirates and expand its footprint in Kuwait, Bahrain, and Oman.
As the company gets ready to open a cutting-edge production hub in Riyadh in Q1 2025, the funding comes at a time when it is expanding quickly. The fully integrated facility will include a modern lens manufacturing facility, a large warehouse, and a fulfillment center. Owned and run by Eyewa, the supply chain advantage will increase the speed and effectiveness of bringing premium goods to market.
Anass Boumediene, Co-Founder and Co-CEO of eyewa, said: “We are proud of and feel even more emboldened by the remarkable trust placed in us by top global and regional investors. In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model but also the spirit of innovation across the region’s startups as we continue to dream big and break new ground in our respective industries.”
Mehdi Oudghiri, Co-Founder and Co-CEO of eyewa, added: “This accomplishment is a testament to the hard work of our team, our strong track record as an omnichannel retailer, and our commitment to challenging convention. The additional capital will allow us to pursue the development of innovative products tailored to our customers and continue pushing the boundaries of customer experience in our region.
Abdullah AlRugaib, Co-Founder and Managing Director of eyewa, said: “As part of our mission to make eyewear accessible to everyone, everywhere, we will leverage the support of our new partners and continue our retail expansion to all corners of the GCC. Our extensive network and premier app, combined with a tech-enabled supply chain, makes eyewa the retail platform of choice for all customers in the region.”
Ziyad Baeshen, Vice President at General Atlantic and board member at eyewa, said: “eyewa’s product-led, customer-first approach emphasises style, quality, and affordability, combining strong e-commerce capabilities and a deep store footprint with products that are tailored to the local market. The company’s impressive growth trajectory thus far is a testament to the vision of the leadership team and consumer appetite for authentic, direct-to-consumer brands in the Middle East. We look forward to partnering with eyewa to support its next stage of development and believe the company is well placed to lead the eyewear space across the GCC and beyond.”
Abdulaziz Alfalih, Partner at Badwa and board member at eyewa, said: “Since first investing in eyewa, we have been impressed by the team’s clear vision and strong execution capabilities. At Badwa, we are proud that this investment marked the expansion of our range of capabilities into growth equity, alongside our large and expanding investment banking practice. We look forward to continuing to work closely with Anass, Mehdi, Abdullah and the great team at eyewa.”
Eyewa opened its first physical location in December 2020 after being founded in 2017. Because of this, the company quickly became a leading omni-channel retailer, combining physical stores and e-commerce to meet the changing needs of its customers while also fostering sub-brands like The Optical Club, which provides easy-to-use, reasonably priced eyewear options.
