Latest post
Eyewa, an eyewear retailer based in Dubai and Riyadh, has closed its Series C funding round at $100 million led by US-based growth investor General Atlantic. Other contributors include Badwa Capital and Turmeric Capital, further bolstering the company’s coffers. In total, Eyewa has now received about $130 million in investments. General Atlantic, that just took up office in Riyadh, yet again showed the company has continued to have immense faith in the region’s retail. It did lead a Series B round raising $67.5 million for the Saudi fintech Lean less than a fortnight ago.
Eyewa was founded in 2017 by Mehdi Oudghiri and Anass Boumediene, former Bain consultants who had managed the Middle East food delivery business for Delivery Hero. Eyewa started as an online eyewear retailer that sold popular branded eyewear but has shifted its focus to be among the largest eyewear retailers in the Middle East, specializing in its in-house brands.
The company began its offline expansion in 2021 with its first store opening in Dhahran. Since then, it has grown its physical presence significantly, with more than 150 stores across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. Eyewa is eyeing further expansion with more than 100 stores expected to be opened in 2025, including its maiden entry into Qatar.
The new funds will also support the establishment of a state-of-the-art production facility and fulfillment center in Riyadh. This new hub will house both a warehouse and a lens manufacturing unit, designed to enhance the efficiency of Eyewa’s supply chain operations and enable faster product delivery to customers across the region.
In a statement, Anass Boumediene, co-founder and co-CEO of Eyewa, expressed pride in the company’s accomplishments: “In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model but also the spirit of innovation driving regional startups. As we continue to break new ground, our drive is in scaling the business and shaping the future of eyewear in the Middle East.”
The main competitor to Eyewa in the region is Magrabi, which is a firm that has been around for decades, established in 1927. Magrabi recently merged with Rivoli, which increased their collective retail footprint to nearly 290 stores across the Middle East. However, this does not seem to impede Eyewa from its strong market position.
Going forward, Eyewa will continue to chart its growth path by expanding retail footprints, strengthening the supply chain infrastructure, and introducing new initiatives to tackle the rising demand for eye wear in the region. With a new production facility opened in Riyadh and a deep focus on innovation, Eyewa is well-suited to lead the effort in changing the face of the Middle East’s eyewear retail market.
