Investment Firm General Atlantic Pours $100M into Eyewa's Eye-wear Retail Expansion
Eyewa Secures $100 Million in Series C Funding for Expansion
Eyewa, a leading eyewear retailer headquartered in Dubai and Riyadh, has raised $100 million in its Series C funding round, led by global investors including General Atlantic, Dubai-based Badwa Capital, and Singapore’s Turmeric Capital[1]. This capital injection will support Eyewa’s expansion plans, aiming to open at least 100 new stores and extend its production capabilities on the ground in the Middle East[1].
The funding round marks a significant step in addressing the regional funding gap for late-stage ventures, particularly in the Middle East where IPO-ready startups sometimes struggle to secure large capital at Series B and beyond[5].
Expansion and Production
Eyewa, which started by selling products from leading eyewear brands on its website, has since evolved into one of the largest eyewear retailers in the region, mainly selling eyewear from its own in-house brands[2]. In the next few months, Eyewa plans to open a production facility and fulfillment center in Riyadh[2].
Competition
Although a specific competitor list for Eyewa was not directly found, the broader eyewear market includes notable players such as Safilo Group, which recently partnered with Victoria Beckham for a long-term eyewear licensing deal targeting the high-fashion segment[4]. Eyewa’s direct competitors typically have larger manufacturing, financial, research, development, personnel, and marketing resources[3]. This implies Eyewa faces competition from well-capitalized firms that may have superior product development and market reach.
One of Eyewa's primary competitors in the Middle East is Magrabi, a long-standing eyewear retailer that recently merged with Rivoli, expanding their collective retail footprint to nearly 290 stores across the Middle East[6].
Investment Details
The Series C round was a substantial late-stage fundraising led by top-tier financial firms, highlighting strong investor confidence in Eyewa’s growth potential. The funding round was first reported by The Information earlier this year[7].
Background
Eyewa was founded in 2017 by Mehdi Oudghiri and Anass Boumediene, former Bain consultants who previously led Delivery Hero’s food delivery business in the Middle East[3]. The success in the funding round reflects the strength of their business model and the spirit of innovation across the region's startups, as stated by Anass Boumediene, co-founder and co-CEO of Eyewa[3].
References
- The Information
- Arab News
- Wamda
- Vogue Business
- TechCrunch
- Zawya
- The Information
With the $100 million funding, Eyewa plans to invest in technology to enhance its production and lifestyle offerings, aiming to create a more seamless and personalized customer experience. As the new funds will support the development of in-house technology, Eyewa could potentially challenge its competitors in the finance Department as well, moving beyond eyewear retail and expanding into tech-driven lifestyle solutions.
