Eyewa, a rising powerhouse in the Middle East eyewear market, has recently secured a $100 million Series C round of funding, led by global growth investor General Atlantic. This brings Eyewa’s total funding to $130 million since its inception in 2017. Founded by former Bain & Company consultants Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, Eyewa initially started as an e-commerce retailer for third-party eyewear brands before launching its own brands to cater to the unmet needs in the region.
The founders, who previously led Foodpanda’s regional operations under Rocket Internet and DeliveryHero ownership, transitioned from delivering food to selling eyeglasses after identifying the growing demand for eyewear products in the Middle East. With myopia on the rise in the region and local eyewear companies focusing mainly on in-store sales, Eyewa saw an opportunity to provide affordable and trendy eyewear options through its e-commerce platform and retail stores across five Mideast markets.
Eyewa’s unique approach to marketing eyeglasses as fashion accessories rather than just functional items has resonated well with customers. By offering high-quality lenses, exhaustive eye tests, and affordable prices, Eyewa has successfully captured a significant market share in the Gulf states. The company’s entry-level eyeglasses, including lenses, are priced around $100, approximately 50% less than similar products available in traditional stores.
In a strategic move to reach a broader customer base, Eyewa began opening retail stores in December 2020, complementing its e-commerce platform. This omnichannel approach has allowed Eyewa to provide eye examinations in physical stores, enhancing the overall customer experience. With a $21 million Series B funding round in 2021, Eyewa has expanded to 150 stores, making it the largest eyewear brand in Saudi Arabia by store count and the fastest-growing eyewear retailer globally.
Looking ahead, Eyewa plans to add at least 100 more stores across six countries, including Qatar, its next market, by 2025. The company also aims to open a production facility and fulfillment center in Riyadh to support its growing operations. With General Atlantic joining as an investor, Eyewa is well-positioned to further accelerate its growth and solidify its presence in the GCC market.
Overall, Eyewa’s success story underscores the potential of the eyewear industry in the Middle East and the company’s innovative approach to meeting the evolving needs of consumers in the region. As more investors show interest in backing startups in the GCC, Eyewa stands out as a prime example of a homegrown success story with global potential.
