Eyewa Surges with $100M Series C Investment Led by General Atlantic

Deal News | Nov 27, 2024 | General Atlantic

Eyewa, the largest and fastest-growing eyewear retailer in the GCC, has successfully closed a $100 million Series C funding round led by General Atlantic. Other participants in this significant investment include Badwa Capital and Turmeric Capital. This funding will enable Eyewa to bolster its leadership in the region by expanding its existing network of 150 stores to a targeted 250 by the end of 2025. The company plans to allocate a portion of these funds towards R&D and talent acquisition, aimed at enhancing customer experience and innovation in eyewear products. A key milestone in their upcoming expansion is the launch of a cutting-edge production facility in Riyadh, set to begin operations in Q1 2025. This facility will house an integrated warehouse and fulfillment center, along with a state-of-the-art lens manufacturing unit that aims to improve the supply chain's efficiency and speed. Co-founders Anass Boumediene and Mehdi Oudghiri have emphasized the importance of this funding in realizing their vision of making eyewear more affordable and accessible across the region. This strategic funding reflects Eyewa’s commitment to reinforcing its strong market presence and leading the charge in the Middle East's eyewear retail sector. The backing from General Atlantic underscores Eyewa’s potential for growth and impact in delivering quality, style, and affordability in its products.

Sectors

Eyewear Retail
Private Equity
E-commerce

Geography

Saudi Arabia – Saudi Arabia is central to Eyewa's expansion plan with its new production hub in Riyadh, aiming to enhance its supply chain and market presence.
GCC (Gulf Cooperation Council) – Eyewa plans to expand its network across the GCC, including UAE, Kuwait, Bahrain, and Oman, making this region critical to its growth strategy.

Industry

Eyewear Retail – Eyewa operates in the Eyewear Retail industry, focusing on selling prescription glasses, sunglasses, and contact lenses through physical and online channels in the Middle East.
Private Equity – General Atlantic and other investors like Badwa Capital are involved in funding Eyewa, showcasing the role of private equity in supporting growth-stage companies.
E-commerce – Eyewa operates as an omnichannel retailer, combining physical stores with e-commerce platforms to enhance customer experience.

Financials

$100 million – The amount raised in Eyewa's Series C funding round, led by General Atlantic, to support expansion and innovation.

Participants

Name	Role	Type	Description
Eyewa	Target Company	Company	Eyewa is a fast-growing omnichannel eyewear retailer in the GCC, aiming to expand its retail footprint and enhance customer experience with new funding.
General Atlantic	Lead Investor	Company	General Atlantic is a global growth investor leading Eyewa's $100M Series C funding round to support its expansion and development.
Badwa Capital	Investor	Company	Badwa Capital is a participant in Eyewa's Series C funding round, supporting its growth in the eyewear retail industry.
Turmeric Capital	Investor	Company	Turmeric Capital is an investment firm participating in Eyewa's Series C funding round, illustrating its belief in innovative growth companies.
Anass Boumediene	Co-Founder and Co-CEO	Person	Anass Boumediene is the Co-Founder and Co-CEO of Eyewa, playing a key role in the company's ambitious growth and development strategies.
Mehdi Oudghiri	Co-Founder and Co-CEO	Person	Mehdi Oudghiri is the Co-Founder and Co-CEO of Eyewa, instrumental in steering the company's expansion and innovation initiatives.
Abdullah AlRugaib	Co-Founder and Managing Director	Person	Abdullah AlRugaib is the Co-Founder and Managing Director of Eyewa, overseeing strategic partnerships and expansion plans.
Ziyad Baeshen	Vice President at General Atlantic	Person	Ziyad Baeshen is a Vice President at General Atlantic and a board member at Eyewa, supporting their strategic growth initiatives.
Abdulaziz Alfalih	Partner at Badwa	Person	Abdulaziz Alfalih is a Partner at Badwa and a board member at Eyewa, contributing to its strategic oversight and growth plans.
Fabio Andreottola	Partner at Turmeric Capital	Person	Fabio Andreottola is a Partner at Turmeric Capital and a board member at Eyewa, supporting transformational growth in the Middle East.