eyewa raises $100M in series C round

Regional eyewear retailer, eyewa has raised $100 million in its series C funding round, led by General Atlantic along with participation from Badwa Capital and Turmeric Capital.

The capital will play a pivotal role in eyewa’s future plans and ambitions to maintain and solidify its status as a regional leader in the eyewear retail space. It has allocated portions of the proceeds for investment in R&D and talent acquisition, in addition to the opening of at least 100 new stores in 2025. The expansion of eyewa’s already robust footprint, which includes more than 150 GCC locations, will reinforce its positioning in Saudi Arabia and the UAE, and increase its presence in Kuwait, Bahrain and Oman.

eyewa at a glance

• Founded in 2017
• Opened first physical store in December 2020.
• Current retail footprint: 150 across the GCC

The funding comes at a time of rapid growth for the company as it prepares to open in Q1 2025 a pioneering production hub in Riyadh. The fully integrated facility will feature an extensive warehouse space, fulfillment centre and state-of-the-art lens manufacturing facility. Owned and operated by eyewa, the supply chain advantage will improve speed and efficiency in delivering high-quality products to market.

Commenting on the funding, Anass Boumediene, Co-Founder and Co-CEO of eyewa said, “We are proud of and feel even more emboldened by the remarkable trust placed in us by top global and regional investors. 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 across the region’s startups as we continue to dream big and break new ground in our respective industries.”

“This accomplishment is a testament to the hard work of our team, our strong track record as an omnichannel retailer, and our commitment to challenging conventions. The additional capital will allow us to pursue the development of innovative products tailored to our customers and continue pushing the boundaries of customer experience in our region,” added Mehdi Oudghiri, Co-Founder, and Co-CEO of eyewa.

“eyewa’s product-led, customer-first approach emphasizes 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,” stated Ziyad Baeshen, Vice President at General Atlantic and board member at eyewa.

“As part of our mission to make eyewear accessible to everyone, everywhere, we will leverage the support of our new partners and continue our retail expansion to all corners of the GCC. Our extensive network and premier app, combined with a tech-enabled supply chain, makes eyewa the retail platform of choice for all customers in the region, concluded Abdullah AlRugaib, Co-Founder and Managing Director of eyewa.