Eyewear retailer Eyewa raises $154m in a Series C round
Eyewa, a UAE-based eyewear retailer, has raised US$100 million ($153.9 million) in its Series C funding round. The round was led by General Atlantic, with additional investments from Badwa Capital and Turmeric Capital.
Founded in 2017, Eyewa has grown into the Middle East’s largest online eyewear retailer, operating out of Riyadh and Dubai. The funding coincides with the company’s rapid expansion and plans to establish a production hub in Riyadh by early 2025.
Transaction snapshot
Deal value: US$100 million ($153.9 million)
Deal multiples: N/A
Deal type: Series C funding
Investors: General Atlantic, Badwa Capital, Turmeric Capital
The capital will support Eyewa’s efforts to maintain its leadership in the regional eyewear market. It plans to invest in research and development, recruit talent, and open over 100 new stores in 2025. The company’s current footprint includes 150 locations across the GCC, and the expansion aims to strengthen its presence in Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
In addition to retail expansion, Eyewa is developing a fully integrated production facility in Riyadh. The hub will include a warehouse, fulfilment centre, and a state-of-the-art lens manufacturing unit. This supply chain optimisation is expected to enhance efficiency and product delivery across the region.
Co-founders Anass Boumediene and Mehdi Oudghiri highlighted the milestone as a reflection of the company’s innovative approach and commitment to challenging industry norms. Boumediene noted the vote of confidence from global investors, while Oudghiri emphasised the team’s dedication to delivering innovative products and enhancing customer experiences.
Investors also praised Eyewa’s business model. Ziyad Baeshen of General Atlantic cited the company’s customer-first approach and blend of e-commerce and retail presence as key drivers of its success. Badwa Capital and Turmeric Capital echoed these sentiments, applauding Eyewa’s transformative impact on the region’s retail landscape.
Launched in 2017, Eyewa expanded into physical retail in 2020. Its omnichannel strategy combines e-commerce with physical stores and sub-brands like The Optical Club, offering affordable and simplified eyewear options to meet diverse customer needs.
