Eyewa, an eyewear company operating in the Middle East, has raised $100 million in a Series C funding round led by global growth investor General Atlantic.
Other participants in the round include Badwa Capital and Turmeric Capital. This new funding brings Eyewa’s total capital raised since its inception in 2017 to $130 million.
The company plans to use the funds to accelerate its expansion across the Gulf Cooperation Council (GCC) region and beyond.
Key initiatives include opening over 100 new retail stores in six countries by 2025, including its entry into the Qatari market. Added to this, Eyewa intends to establish a production facility and a fulfilment centre in Riyadh, Saudi Arabia, by the next quarter.
The goal is to enhance its supply chain, improve delivery times, and meet the growing customer demand.
Founded by former Bain & Company consultants Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, Eyewa began as an e-commerce platform selling third-party eyewear brands.
Recognising a gap in the market for affordable and fashionable eyewear tailored to the region, the company pivoted to launching its own in-house brands.
Currently, 96% of Eyewa’s revenue is generated from these proprietary lines, which are designed to meet diverse consumer needs, from trendy options for younger buyers to functional designs for older customers.
Eyewa operates with a dual focus: making eyewear a fashion statement while maintaining high-quality healthcare standards. The company’s approach contrasts with traditional eyewear retailers, which often prioritise a clinical shopping experience.
Eyewa’s entry-level eyeglasses, including lenses, are priced at approximately $100 in the Gulf states, nearly half the cost of similar products in conventional stores.
The brand has also expanded its retail presence to complement its e-commerce platform. Since opening its first physical store in late 2020, Eyewa has grown to 150 wholly-owned outlets, making it the largest eyewear retailer by store count in Saudi Arabia.
Unlike its competitors, Eyewa manages all its stores directly, avoiding the franchise model to maintain quality and brand consistency.
General Atlantic’s involvement in this funding round shows how much global investors in the Middle East’s growing startup ecosystem are gaining more interest in the sector.
Commenting on this trend, co-CEO Oudghiri noted, “The region is now seeing established growth and private equity funds entering the market, which marks a shift from the early-stage venture capital investments that dominated the last five years.”
Eyewa’s growth stands out even in global comparisons. It achieved 100 stores within four years, outpacing industry benchmarks like Warby Parker and India’s Lenskart, which took six to seven years to reach similar milestones. Despite this aggressive expansion, Eyewa reports profitability and over 50% year-over-year revenue growth.
The company’s strategic blend of fashion-forward eyewear, affordable pricing, and a comprehensive omnichannel approach makes it a rising powerhouse in the Middle Eastern retail market.
With new funding in hand, Eyewa is strengthening its foothold in the region while setting its sights on bigger international opportunities.
