Saudi eyewear retailer secures $100m for expansion

• Eyewa launched in 2020
• Network of 150 stores
• Operating across the GCC

Saudi eyewear retailer Eyewa has raised $100 million in a series C funding round as it expands production and its footprint on the ground.

The funding was led by global investors General Atlantic alongside Dubai-based Badwa Capital and Singapore’s Turmeric Capital.

Eyewa said the capital will be used to open at least 100 new stores across the GCC in 2025, as well as to invest further in R&D and talent acquisition.

The company has grown rapidly since launching online in 2017 before opening its first physical store in 2020. It now runs 150 stores across Saudi Arabia, the UAE, Kuwait, Bahrain and Oman.

The company, which sells contact lenses, glasses, sunglasses and other accessories is also preparing to open a production hub in Riyadh in the first quarter of 2025 to improve its supply chain and bolster speed and efficiency.

• Rise in retail M&A predicted as Gulf stores struggle
• Retail staff shortage dents GCC shopper satisfaction
• Saudi retail in tech race to lock in consumer loyalty

Eyewa closed its Series B funding round at $21 million in 2021.

Mehdi Oudghiri, co-founder of Eyewa, said: “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.”

In October 2024, startups in the Middle East raised $134 million across 56 deals, a 52 percent month-on-month decrease and 13 percent down from the same period last year, according to investment and research platform Wamda.

Of that sum, business-to-consumer companies like Eyewa raised the most cash, attracting $83.8 million across 19 startups, compared to $42.4 million invested in 27 business-to-business startups.

Ten startups operating both models obtained nearly $8 million.