UAE Startup eyewa Raises $21m in Series B Funding Round
The Middle East’s largest online eyewear retailer, eyewa, said that it had raised $21m as part of its Series B funding round co-led by Kingsway Capital and Nuwa Capital. The deal was also joined by French Partners, Endeavor Catalyst, Derayah Ventures, Palm Drive, and Hardy Capital, and takes Eyewa’s total capital raised to date to […]
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The Middle East’s largest online eyewear retailer, eyewa, said that it had raised $21m as part of its Series B funding round co-led by Kingsway Capital and Nuwa Capital. The deal was also joined by French Partners, Endeavor Catalyst, Derayah Ventures, Palm Drive, and Hardy Capital, and takes Eyewa’s total capital raised to date to about $30 million. It had previously raised $7.5 million Series A in 2019 and $1.1 million in a seed round in 2018.
A statement by eyewa said that the capital raised in the latest round will support the company with its expansion plans, allow further investment in technology and product teams, and its retail and omnichannel technology.
“After building a truly disruptive online offering with best-in-class customer experience, we are very excited to embark on an omnichannel journey that will allow our customers to explore eyewa’s differentiated experience in both the physical and digital world. Our stores are built on the basis of what made our success online, with a vibrant look and feel in line with our times, leveraging technology in every aspect of customers’ interaction and exclusive products at accessible prices,” said Mehdi Oudghiri, co-founder of eyewa.
Anass Boumediene, co-founder of eyewa, added, “This fundraise will boost our expansion plans and will enable us to offer a better customer experience in the eyewear vertical, both online and offline. The customer response since our launch four years ago has been formidable, and we count on keeping our promise of offering the best products at the best price across the region.”
“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.”
(With Input from Agencies)
