Dubai online eyewear retailer eyewa raised $21 million in a second round of funding to further fuel its expansion across the region.
The latest investment takes eyewa’s total funding to date to $30m, the company said on Sunday.
Eyewa raised a $1.1m in a seed round in 2018 from a group led by EQ2 Ventures and a $7.5m in a Series A funding round in 2019 led by Wamda Capital.
"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," co-founder Anass Boumediene said.
“While we have focused our first few years in our home markets of the UAE and Saudi Arabia, we are now expanding beyond to the rest of Mena.”
Start-ups in the Mena region attracted a record $1 billion in funding last year, according to data platform Magnitt.
The value of the UAE's retail e-commerce market rose by 53 per cent to a record $3.9bn in 2020, largely driven by the digital shift in consumer shopping habits amid the Covid-19 pandemic, according to a report by Dubai Chamber of Commerce and Industry.
The Series B funding round, which was led by Kingsway and venture capital firm Nuwa Capital, with participation from French Partners, Endeavor Catalyst, Derayah, Palm Drive and Hardy Capital, will support the company's expansion plans, its retail and omni-channel platforms and allow it to further invest in technology and product teams.
The eyewear specialist which sells sunglasses, prescription lenses and contact lenses online, is currently also exploring opportunities with brick-and-mortar shops in key locations.
"After building a truly disruptive online offering … we are very excited to embark on an omni-channel journey that will allow our customers to explore eyewa's differentiated experience in both the physical and digital world," said co-founder Mehdi Oudghiri.
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
Since its launch in May 2017, eyewa has operated in the UAE, Saudi Arabia, Kuwait, Qatar, Oman and Bahrain.
Besides curating eyewear and contact lenses from major brands, it has also invested in building in-house brands.
The company has designed and developed three ranges spanning different price points, including 30Sundays, Blackout and Layala.
"A big part of our thesis at Nuwa Capital is to focus on the next evolution of retail. The confluence of offline, online and private label-driven commerce is at the heart of this thesis," said Khaled Talhouni, managing partner of Nuwa Capital.
The co-founders of eyewa met while working as consultants on a project for a GCC government.
They went on to work together as co-managing directors of the online food ordering business foodpanda in the Middle East, successfully building one of the region's largest and most profitable operators that was later acquired by food delivery company Talabat's parent company Delivery Hero.
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The 15 players selected
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
COMPANY%20PROFILE
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
Origin
Dan Brown
Doubleday
The specs
Engine: Four electric motors, one at each wheel
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On sale: Now
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Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Killing of Qassem Suleimani
