Eyewa, an Middle-East-based eyewear startup focusing on offering eyewear in its online platform, has secured $21 million in Series B funding led by Kingsway and Nuwa Capital.
The funding round also counted with the participation of French Partners, Endeavor Catalyst, Derayah, Palm Drive, and Hardy Capital, and took the total funding received by the startup to date up to $30 million.
According to the statement, the funds raised will be used to implement the startup’s expansion plans, invest in new technology and product teams, and focus on improving its retail and omnichannel technology.
Anass Boumediene, Eyewa’s co-founder, referred to the startup’s expansion plans by stating:
“While we have focused our first few years in our home markets of UAE and Saudi Arabia, we are now expanding beyond to the rest of MENA and will bring our successful formula of affordable eyewear and amazing customer experience to a wider audience.”
The company’s e-commerce model has allowed it to create a strong regional presence as well as build its own house brands. Eyewa currently has an important market share and reputation in the United Arab Emirates, the Kingdom of Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain.
Eyewear’s house brands include different options aimed at different audience’s needs, including lifestyle eyewear brand 30Sundays, the fast-fashion collection called Blackout, as well as a natural color contact lenses range, Layla.
According to the team, all of these brands have been “specifically created for the modern Middle Eastern consumer.”
At this time, the company is looking forward to disrupting the retail sector, taking the opposite direction of businesses that have transitioned to an online model. With a new brick-and-mortar approach in key locations, the company expects to increase awareness about the brand and improve customer experience.
With the Eyewear Startup planning to expand its operation to the rest of the Middle East and North Africa (MENA) region, Eyewa is expecting to bring affordable eyewear to a wider audience.