The online eyewear retailer Eyewa has announced that it has secured US$2.5 million investment in a pre-Series B round in a statement. The round was participated by investment companies Nuwa Capital, Wamda, and EQ2 Ventures.
Eyewa formerly raised raised US$7.5 million in a Series A in April 2019 which was led by Wamda Capital and had participation from EQ2 Ventures(formerly known as Equitrust).
The startup indicates that it will use this fresh funds to increase its operations and market reach.
The Eyewe online platform sells a variety of eyewear including sunglasses, prescription glasses, and contact lenses, mainly in the United Arab Emirates, Saudi Arabia & Kuwait. The ecommerce platform also sell products available on its platform to customers in the United States for a flat delivery fee of $10. For customers in UAE, Saudi & Kuwait, the delivery is totally free.
The statement also indictates that sales on the platform increased during the lockdown without disclosing the exact figures.
Mehdi Oudghiri, the co-founder of Eyewa, said, “Our success in the past three years has been driven by our efforts to disrupt the traditional eyewear industry in the region. We offer exclusive and trendy yet affordable eyewear coupled with best in class customer experience. These funds will allow us to accelerate our disruption of MENA’s eyewear retail sector through the implementation of innovative tech solutions, expanding our product portfolio, and offering best in class customer service.”
Khaled Talhouni, the Managing Partner of Nuwa Capital, commenting on the occasion, said, “Ecommerce companies with a DTC offering like Eyewa are reinventing the retail experience by creating both an online and offline experience to interact with customers while remaining nimble enough to scale and optimize as needed. DTC remains one of the most under-leveraged opportunities in our region.”
“We’ve built our thesis around backing founders who are driving rapid transformation within their respective industries and building for long term change, and that’s exactly what Anass and Mehdi are doing,” he added.