Eyewa to use $21mln to expand further in Saudi Arabia and UAE

Saudi Arabia is a major market for the company and is its biggest revenue generator online. It already has three stores in the Kingdom.

Eyewa has raised $21 million in its latest Series B funding round, led by Riyadh-based Nuwa Capital and Kingsway, who were joined by French Partners, Endeavor Catalyst, Derayah Ventures, Palm Drive and Hardy Capital. They will support the company in its expansion drive and its plan to invest in cutting-edge technology and product teams.

From the start, eyewa has focused on Saudi Arabia and the UAE; however, it now plans to look to the rest of the Middle East and beyond.

“We are now expanding beyond the rest of MENA and will bring our successful formula of affordable eyewear and amazing customer experience to a wider audience,” said Anass Boumediene, co-founder of eyewa.

Eyewa raised a $1.1 million seed round in 2018 led by EQ2 Ventures and a $7.5 million Series A round in 2019 led by Wamda Capital, bringing the total funding so far to $29.6 million.

Co-founder Mehdi Oudghiri said: “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.”

The brand has doubled its revenues within the past year in Saudi Arabia, as shoppers in the Kingdom turned to online in the wake of the pandemic.