The Middle East’s largest online eyewear retailer, eyewa, said on Sunday (June 27) that it had raised $ 21 million in its Series B funding round.
The cycle, co-led by Kingsway and Nuwa Capital, also saw the participation of French partners, Endeavor Catalyst, Derayah, Palm Drive and Hardy Capital.
This $ 21 million Series B round of funding so far brings eyewa’s total funding to $ 30 million, after raising a $ 1.1 million round in 2018 led by EQ2 Ventures and a 2019 $ 7.5 million Series A financing round led by Wamda Capital.
A statement from eyewa said that the capital raised in the last round will support the company in its expansion plans, allow more investment in technology and product teams, as well as in its retail and omnichannel technology.
Eyewa is now aiming to enter the retail industry. Over the past year, many brands have moved from offline to online, eyewa is moving in the opposite direction and looking to expand its business model from an online retailer to a physical player with stores in key locations.
“Having built a truly disruptive online offering with a top notch customer experience, we are very excited to embark on an omnichannel journey that will allow our customers to explore the differentiated eyewa experience in the physical and digital world. . Our stores are built on what has made us successful online, with a dynamic appearance in tune with the times, leveraging technology in all aspects of customer interaction and exclusive products at affordable prices. », Said Mehdi Oudghiri, co-founder. by eyewa.
Eyewa, which launched in 2017, has an e-commerce presence in the UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain. Not only does it stock and sell contact lenses and eyeglasses from all major brands, but eyewa has also invested heavily in creating its own house brands that meet the wants and untapped needs of the local market.
Eyewa has designed and developed three unique ranges covering different price points; including lifestyle eyewear brand 30Sundays, the fast fashion collection called Blackout, as well as a line of natural colored contact lenses, Layala.
Anass Boumediene, co-founder of eyewa, added: “This fundraising will boost our expansion plans and allow us to offer a better customer experience in the eyewear industry, both online and offline. . Customer response since our launch four years ago has been tremendous and we stand by our promise to offer the best products at the best prices across the region.
“While we focused our early years in our home markets of UAE and Saudi Arabia, we are now expanding beyond the rest of the MENA region and will bring our successful formula of affordable eyewear and customer experience. incredible to a wider audience. “
The UAE retail e-commerce market reached $ 3.9 billion in 2020, an increase of 53% year-over-year. Additionally, e-commerce accounted for 8% of the UAE’s retail market in the same year, according to a recent report from the Dubai Chamber of Commerce and Industry.
Read: UAE Retail Ecommerce Market To Hit $ 3.9 Billion In 2020