Eyewa Secures $100M to Expand Middle East Eyewear Dominance to 250 Stores
The Rise of a Regional Powerhouse
The global eyewear market continues to thrive, with industry leaders like Warby Parker in the U.S. and Lenskart in India setting the pace. In the Middle East, Eyewa has emerged as the region’s fastest-growing eyewear retailer, combining e-commerce innovation with strategic physical expansion.
$100M Series C Funding: Fueling Rapid Growth
Eyewa recently closed a \(100 million Series C funding round led by General Atlantic, bringing its total funding to \)130 million since its 2017 launch. This investment will accelerate the company’s ambitious expansion plans:
- Adding 100+ new stores across six Middle Eastern countries
- Establishing a production facility and fulfillment center in Riyadh
- Expanding into Qatar as its newest market in 2025
From Food Delivery to Visionary Retail
Founded by former Bain & Company consultants Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, Eyewa’s leadership brings unique experience:
- Previously scaled Foodpanda’s regional operations 50x in three years
- Evaluated 87 business ideas before selecting eyewear
- Conducted six months of market research before launch
Addressing a Critical Market Gap
Eyewa identified significant unmet needs in the Middle Eastern eyewear market:
- Rising myopia rates (27% prevalence in UAE)
- Limited e-commerce options from traditional retailers
- Premium pricing that excluded mass-market consumers
- Lack of fashion-forward positioning in the region
Strategic Business Evolution
Eyewa’s growth strategy has evolved through key phases:
E-commerce Launch (2017-2019):
- Sold third-party brands like Ray-Ban and Gucci
- Gathered crucial customer behavior data
Private Label Development:
- Now offers 9 proprietary brands
- 96% of revenue comes from in-house brands
- Maintains affordable pricing (~50% below traditional retailers)
Omnichannel Expansion (2020-present):
- 150 wholly-owned stores across 5 countries
- Combines fashion retail with professional eye care
- Complete control over customer experience
Record-Breaking Growth Metrics
Eyewa’s expansion pace outpaces global compe*****s:
- Achieved 100 stores in under 4 years (vs. 7 years for Warby Parker)
- Currently operates 150 stores with 1,300 employees
- Claims market leadership in Saudi Arabia by store count
- Reports profitable operations with >50% YoY revenue growth
The Future of Middle Eastern Eyewear
With its latest funding, Eyewa is positioned to:
- Further democratize access to quality eyewear
- Enhance its vertically integrated supply chain
- Continue innovating the customer experience
- Potentially expand beyond the GCC region
As General Atlantic’s investment demonstrates, international investors are increasingly recognizing the Middle East’s growing startup ecosystem and consumer market potential. Eyewa’s success story may well inspire the next generation of regional entrepreneurs.
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