• UAE-based eyewear retailer “eyewa” has raised $100 million in its Series C funding round, led by General Atlantic with participation from Badwa Capital and Turmeric Capital.
• Founded in 2017 by Mehdi Oudghiri and Anass Boumedien, eyewa has grown to become the Middle East’s largest online eyewear retailer, with headquarters in Riyadh and Dubai.
• The funding comes at a time of rapid growth for the company as it prepares to open in Q1 2025 a pioneering production hub in Riyadh. The fully integrated facility will feature an extensive warehouse space, fulfilment centre, and state-of-the-art lens manufacturing facility.
• Last May, General Atlantic committed an undisclosed investment to eyewa, which closed its Series B in 2021 at $21 million, co-led by Kingsway and Nuwa Capital and other investors.

Press release: 

eyewa, the region’s largest and fastest-growing eyewear retailer, has raised $100 million in its Series C funding round, led by General Atlantic, a leading global growth investor, and with participation from Badwa Capital and Turmeric Capital.

The capital will play a pivotal role in eyewa’s future plans and ambitions to maintain and solidify its status as a regional leader in the eyewear retail space. It has allocated portions of the proceeds for investment in R&D and talent acquisition, in addition to the opening of at least 100 new stores in 2025. The expansion of eyewa’s already robust footprint, which includes more than 150 GCC locations, will reinforce its established brand in Saudi Arabia and the UAE, and increase its presence in Kuwait, Bahrain, and Oman.

The funding comes at a time of rapid growth for the company as it prepares to open in Q1 2025 a pioneering production hub in Riyadh. The fully integrated facility will feature an extensive warehouse space, fulfilment centre, and state-of-the-art lens manufacturing facility. Owned and operated by eyewa, the supply chain advantage will improve speed and efficiency in delivering high-quality products to market.

Anass Boumediene, Co-Founder and Co-CEO of eyewa, said: “We are proud of and feel even more emboldened by the remarkable trust placed in us by top global and regional investors. In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model but also the spirit of innovation across the region’s startups as we continue to dream big and break new ground in our respective industries.”

Mehdi Oudghiri, Co-Founder and Co-CEO of eyewa, added: “This accomplishment is a testament to the hard work of our team, our strong track record as an omnichannel retailer, and our commitment to challenging convention. The additional capital will allow us to pursue the development of innovative products tailored to our customers and continue pushing the boundaries of customer experience in our region.      

Abdullah AlRugaib, Co-Founder and Managing Director of eyewa, said: “As part of our mission to make eyewear accessible to everyone, everywhere, we will leverage the support of our new partners and continue our retail expansion to all corners of the GCC. Our extensive network and premier app, combined with a tech-enabled supply chain, makes eyewa the retail platform of choice for all customers in the region.”

Ziyad Baeshen, Vice President at General Atlantic and board member at eyewa, said: “eyewa’s product-led, customer-first approach emphasises style, quality, and affordability, combining strong e-commerce capabilities and a deep store footprint with products that are tailored to the local market. The company’s impressive growth trajectory thus far is a testament to the vision of the leadership team and consumer appetite for authentic, direct-to-consumer brands in the Middle East. We look forward to partnering with eyewa to support its next stage of development and believe the company is well placed to lead the eyewear space across the GCC and beyond.”

Abdulaziz Alfalih, Partner at Badwa and board member at eyewa, said: “Since first investing in eyewa, we have been impressed by the team’s clear vision and strong execution capabilities. At Badwa, we are proud that this investment marked the expansion of our range of capabilities into growth equity, alongside our large and expanding investment banking practice. We look forward to continuing to work closely with Anass, Mehdi, Abdullah and the great team at eyewa.”

Fabio Andreottola, Partner at Turmeric Capital and board member at eyewa, said: “eyewa represents the very essence of innovation and ambition in the Middle East’s retail landscape. As a business that has continually pushed boundaries in eyewear, we are proud to support eyewa’s team in this pivotal growth phase. This investment aligns with our belief in empowering bold ideas and visionary founders who are transforming industries across the region.”

eyewa was founded in 2017 and launched its first physical store in December 2020. This sparked the company’s rapid transformation into a leading omni-channel retailer, blending e-commerce with physical stores to meet the customers' evolving needs while simultaneously nurturing sub-brands such as The Optical Club, which offers simplified, affordable eyewear options.