Dubai-based Eyewa, a leading e-commerce and retail platform for eyewear products, has secured a whopping $100 million in Series C funding, led by global growth investor General Atlantic. This significant investment brings the company's total funding to $130 million since its launch in 2017.

The startup, founded by 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, Eyewa soon launched its own brands after identifying unmet needs in the Middle East. Today, the company offers a wide range of eyewear products, including prescription glasses, sunglasses, blue light glasses, and contact lenses, across five Middle East markets.

The co-CEOs, Boumediene and Oudghiri, leveraged their experience scaling Foodpanda's regional operations under Rocket Internet and DeliveryHero ownership, where they grew the business 50x in three years and achieved profitability. This entrepreneurial spirit drove them to start Eyewa, which has now become a dominant player in the region's eyewear market.

Eyewa's success can be attributed to its ability to identify and address the region's specific needs. The company discovered a growing demand for eyewear, particularly among the region's young population, where myopia is on the rise. Local eyewear companies were focused on in-store sales, neglecting e-commerce, and their brands were neither affordable nor tailored to the mass market. Eyewa filled this gap by launching its own in-house brands, which now account for 96% of its revenue.

The startup's approach to eyewear is distinct from traditional retailers. Eyewa markets its glasses, even prescription ones, as fashion accessories, focusing on the fashion aspect while ensuring high-quality lenses and exhaustive eye tests. This strategy has enabled the company to keep prices low, with entry-level eyeglasses priced around $100, approximately 50% less than similar products available in traditional stores.

To further expand its reach, Eyewa began opening retail stores in December 2020, allowing it to provide eye examinations and own the full customer journey. The company has grown to 150 stores, all wholly owned and operated, and employs 1,300 people. Eyewa claims to be the largest eyewear brand in Saudi Arabia by store count and the fastest-growing eyewear retailer globally.

The company's growth is remarkable, with Eyewa achieving 100 stores in less than four years, a feat that took global benchmarks like Warby Parker seven years to accomplish. The startup intends to add at least 100 more stores across six countries, including Qatar, its next market, in 2025, and will open a production facility and fulfillment center in Riyadh next quarter.

This Series C funding round, which also saw participation from Badwa Capital and Turmeric Capital, marks a significant milestone for Eyewa. The investment not only solidifies the company's position in the Middle East but also highlights the growing interest of global investors in the region. As General Atlantic joins the list of U.S. investors deepening their presence in the GCC, Eyewa's success is poised to pave the way for more investments in the region.

In conclusion, Eyewa's $100 million Series C funding is a testament to the company's innovative approach to the eyewear market and its ability to capitalize on the region's growth opportunities. As the startup continues to expand its presence in the Middle East, it is likely to have a profound impact on the industry, driving further innovation and growth in the region.