eyewa Secures US$100 Million in Series C Funding

UAE-based online eyewear retailer eyewa has pocketed US$100 million in a Series C funding round led by the American growth equity firm General Atlantic, with contributions from Badwa Capital and Turmeric Capital. The new funding will support the company’s efforts to grow its presence and operations in the region. 

General Atlantic’s involvement in the latest round builds on an earlier, undisclosed investment made in May 2024. In 2021, eyewa raised $21 million in a Series B round co-led by Kingsway and Nuwa Capital. 

Founded in 2017 by Mehdi Oudghiri and Anass Boumediene, eyewa currently operates over 150 stores in Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman. The company plans to invest in technology, research and development, and to scale up recruitment. It will also open at least 100 new stores in 2025. 

In the first quarter (Q1) of 2025, eyewa will open a production hub in Riyadh, which will include a warehouse, a fulfillment center, and a lens manufacturing unit to enhance logistics and product delivery. 

eyewa, which launched as an online retailer, began adding physical stores in 2020. It also launched The Optical Club, which focuses on providing affordable eyewear.  

Ziyad Baeshen, vice president at General Atlantic and board member at eyewa, said: “eyewa’s product-led, customer-first approach emphasises style, quality, and affordability, combining strong e-commerce capabilities and a deep store footprint with products that are tailored to the local market. The company’s impressive growth trajectory thus far is a testament to the vision of the leadership team and consumer appetite for authentic, direct-to-consumer brands in the Middle East. We look forward to partnering with eyewa to support its next stage of development and believe the company is well placed to lead the eyewear space across the GCC and beyond.” 

In an interview with Inc. Arabia, eyewa's co-founders shared their vision for the future. "eyewa’s expansion is driven by a vision to make eyewear accessible and affordable to everyone, everywhere. We are doing this by shaping the very future of eyewear retail and care in a market traditionally dominated by established, luxury-focused optical stores that have a clinical, one-size-fits-all approach." 

eyewa targets a younger demographic, focusing on those under 30 who are looking for personalized, affordable, and trend-driven eyewear experiences with high-quality vision care. The company provides eye exams assisted by artificial intelligence (AI) and offers curated product selections in its retail spaces. 

eyewa is also investing in technology to stay competitive in the market, with an emphasis on providing personalized services to its customers. “We introduced the Tap Try Buy feature in our mobile app, a concept that enables customers to book and try on eyewear before opting to buy them, through the app,” the co-founders explained. This feature is complemented by a virtual try-on tool, which allows customers to virtually try on around 30,000 eyewear products, including glasses, blue light glasses, sunglasses, and colored lenses. 

To improve operational efficiency, eyewa is establishing a fully integrated production, warehousing, and fulfillment hub in Riyadh. This facility will allow efficient management of the entire supply chain, from sourcing raw materials and producing lenses and frames to handling sales and delivering to customers within 24 hours. The new hub will help eyewa better meet customer demand by improving product turnover and delivery speed. “The ever-evolving preferences and needs of our customer base require a product turnover that matches demand and expectations, and we are confident that our fulfillment hub will enable us to streamline the process of offering stylish and affordable eyewear to all our clients, even more conveniently and quickly,” the co-founders added. 

The recent investment will help eyewa--which has plans to more than triple its stores over the next five years--continue to expand its footprint in the region. "By the end of 2024, we’ll be operating across 150 stores, while in the next five years, we’re planning to increase this number to 500 outlets, deepening our GCC presence and expanding to other high-potential markets.”

The company will also leverage The Optical Club, a mono-brand concept that offers eyewear and lens options at a lower price point, as "a key driver" of the company's growth, starting with Saudi Arabia, the co-founders told us.

eyewa is also investing in its workforce, with initiatives to support employee development through training, mentorship, and partnerships with educational institutions. “As one of the region’s most diverse companies with some 1,300 employees of over 50 nationalities and amongst the first in our sector to reach gender parity in the region, eyewa has created a culture that supports growth and collaboration. This is precisely how we are supporting the growing demand for skilled optometrists in the industry while building initiatives to support and strengthen our teams,” the co-founders said.