Eyewa, a fast-growing direct-to-consumer (DTC) eyewear platform based in Dubai and Riyadh, has raised a substantial $100 million Series C round led by global growth investor General Atlantic. This brings the company's total funding to $130 million since its 2017 launch, cementing its position as a rising powerhouse in the Middle East's eyewear market.

Eyewa's founders, Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib, all former Bain & Company consultants, initially entered the eyewear market as an e-commerce retailer for third-party brands. However, they soon identified unmet needs in the Middle East and launched their own brands, which now account for 96% of the company's revenue. The founders' experience scaling Foodpanda's regional operations under Rocket Internet and DeliveryHero ownership motivated them to start their own company, driven by a passion for entrepreneurship.

The Middle East's eyewear market presented a significant opportunity, with growing demand for eyewear products and a lack of affordable, tailored options. Eyewa's data-driven approach, leveraging customer behavior insights, enabled the design and launch of nine proprietary brands catering to diverse preferences. This focus on fashion and affordability has been key to the company's success, with entry-level eyeglasses priced around $100, approximately 50% less than similar products available in traditional stores.

To expand its reach, Eyewa began opening retail stores in December 2020, allowing it to provide eye examinations and own the full customer journey. This omnichannel approach has been instrumental in the company's rapid growth, with 150 wholly owned and operated stores across five Middle East markets. Eyewa claims to be the largest eyewear brand in Saudi Arabia by store count and the fastest-growing eyewear retailer globally, with a growth rate of over 50% year-over-year in revenues.

The company's ambitious plans include adding at least 100 more stores across six countries, including Qatar, its next market, in 2025, and opening a production facility and fulfillment center in Riyadh next quarter. This expansion will further solidify Eyewa's position as a regional powerhouse, leveraging its data-driven approach and focus on fashion and affordability to capture a larger share of the Middle East's growing eyewear market.

The involvement of General Atlantic, a prominent global growth investor, marks a significant milestone in Eyewa's journey, highlighting the region's attractiveness to international investors. This investment is part of a growing trend, with U.S. investors deepening their presence in the GCC by backing startups and establishing local teams, following capital infusions from the region's sovereign wealth funds.

Eyewa's success story serves as a testament to the region's burgeoning entrepreneurial ecosystem, with the company's founders and investors alike expressing optimism about the prospects for growth and innovation in the Middle East.