Investment firm General Atlantic pumps $100 million into Eyewa's retail eyewear venture, aiming to propel its expansion.
Eyewa Expands Horizons with Series C Funding and Retail Expansion
In a move to bolster its presence in the eyewear market across the GCC, Dubai and Riyadh-based retailer Eyewa has secured $100 million in a Series C funding round. The investment, led by General Atlantic, aims to support the company's ambitious growth plans and retail strategy overhaul [3][4].
Founded in 2017 by Mehdi Oudghiri and Anass Boumediene, former Bain consultants, Eyewa has evolved from selling products from leading eyewear brands to becoming one of the largest eyewear retailers in the region. Today, it operates 150 stores across Saudi Arabia, UAE, Kuwait, Bahrain, and Oman, with plans to add another 100 stores in 2025, including expansion to Qatar [1].
The funding round, which also saw participation from Badwa Capital and Turmeric Capital, reflects the strength of Eyewa's business model and the spirit of innovation across the region's startups. Co-founder and co-CEO Anass Boumediene expressed his gratitude for the support, stating, "This investment underscores the potential of our business and the region's startup ecosystem" [5].
With the injection of funds, Eyewa is focusing on expanding its physical retail presence while maintaining its strong online platform. This move reflects a strategy to combine digital strength with brick-and-mortar retail to capture a broader market and provide an omnichannel experience [4].
Post-funding, Eyewa has developed a bold, scalable identity built for retail, with a sharper brand architecture across sub-brands. This rebranding supports its retail expansion and aims at clear, unified customer experiences across different channels [3].
The GCC eyewear market is benefiting from increasing internet penetration and modernization of payment systems, which Eyewa can capitalize on given its online origins and omnichannel ambitions. The rising awareness of eye health and digital payment facilitation are additional tailwinds for Eyewa’s business model [1].
In the coming months, Eyewa plans to open a production facility and fulfillment center in Riyadh. The new hub will include a warehouse and lens manufacturing facility, aimed at improving supply chain efficiency [2]. This investment brings Eyewa's total financing to date to around $130 million.
The Series C funding follows Magrabi's recent merger with Rivoli, expanding their collective retail footprint to nearly 290 stores across the region. Magrabi, a long-standing eyewear retailer founded in 1927, remains a primary competitor to Eyewa in the Middle East.
Eyewa's aggressive growth phase, supported by this investment, is poised to reshape the eyewear landscape in the region, offering customers a broader range of products, competitive pricing, and an unparalleled shopping experience.
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