Eyewa, a rising powerhouse in the Middle East’s eyewear market, has recently marked a significant milestone by securing $100 million in a Series C funding round. This investment was led by General Atlantic and brings the company’s total funding to $130 million since its inception in 2017. The substantial financial backing speaks volumes about Eyewa’s rapid growth and the increasing confidence of investors in the region’s startup ecosystem.
| Table of Contents |
|---|
| Founding and Evolution |
| Product Offerings and Market Strategy |
| Expansion and Growth |
| Financial Performance and Investors |
| Conclusion |
| FAQ |
Founding and Evolution
Eyewa was co-founded by former Bain & Company consultants Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib. Initially, Eyewa operated as an e-commerce retailer for third-party eyewear brands. Recognizing the unmet needs in the Middle East’s eyewear market, the founders pivoted to develop their own brand, enabling Eyewa to offer tailored solutions that resonate with the local consumer base.
Product Offerings and Market Strategy
Eyewa’s diverse product offerings include prescription glasses, sunglasses, blue light glasses, and contact lenses. A remarkable 96% of its revenue now stems from in-house brands, expertly crafted by analyzing customer behavior data. Eyewa’s mission centers around providing fashionable eyewear at affordable prices, ensuring accessibility to the mass market across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. This strategic focus has allowed the company to establish strong brand loyalty and drive impressive sales growth.
Expansion and Growth
To enhance reach and accessibility, Eyewa has also ventured into physical retail locations, offering not only eyewear but also eye examinations. Currently, the company boasts 150 stores across five Mideast markets and has ambitious plans to launch an additional 100 stores in six countries by 2025. This expansion strategy solidifies Eyewa’s position as the largest eyewear brand in Saudi Arabia by store count, while also claiming the title of the fastest-growing eyewear retailer globally.
Financial Performance and Investors
Financially, Eyewa is on a strong upward trajectory, operating profitably with year-over-year revenue growth exceeding 50%. The recent funding round led by General Atlantic, alongside participation from other investors such as Badwa Capital and Turmeric Capital, illustrates the rising interest of global investors in the Middle East region. The success of Eyewa is seen as a reflection of the potential and appeal of the region’s startup landscape.
Conclusion
Eyewa’s impressive achievement in securing $100 million in funding and its remarkable growth trajectory position the company as a pivotal player in the Middle East eyewear market. As the company continues to expand and evolve, it serves as a testament to the burgeoning startup ecosystem in the region, illustrating promising opportunities for investors and consumers alike.
FAQ
- What is Eyewa? Eyewa is a leading eyewear brand in the Middle East, offering a range of eyewear products through both e-commerce and retail stores.
- Where is Eyewa expanding its stores? Eyewa plans to expand its retail presence in six countries, including Qatar, by adding at least 100 more stores by 2025.
- Who are the founders of Eyewa? Eyewa was founded by Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, all former consultants at Bain & Company.
