Eyewa

Eyewa is an eyewear retailer founded in 2017 and dual-headquartered in Riyadh and Dubai. It sells prescription glasses, sunglasses, blue light glasses, colored contact lenses and corrective contact lenses through its website, a mobile shopping app and a physical store network across the Gulf Cooperation Council. The company began as an e-commerce platform reselling established eyewear brands and has since shifted primarily to eyewear from its own in-house labels, including Spectus, BlackOut, 30Sundays, Layala, Babamio and Ruya, alongside sub-brands such as The Optical Club, which offers simplified, lower-priced eyewear.

The retailer opened its first physical store in December 2020 and began offline expansion in 2021 with a store in Dhahran, becoming an omnichannel operator. As of the November 2024 Series C announcement it operated roughly 150 stores across Saudi Arabia, the UAE, Kuwait, Bahrain and Oman, with plans to add at least 100 more stores in 2025 and reach a network of 250 stores by the end of that year, including entry into Qatar. The company also planned to open a company-owned production hub in Riyadh in the first quarter of 2025, combining warehouse space, a fulfillment center and a lens manufacturing facility.

Founding story

Eyewa was founded in 2017 by Mehdi Oudghiri and Anass Boumediene, former Bain & Company strategy consultants in Dubai who went on to co-lead Foodpanda's Middle East business as managing directors before its acquisition by Delivery Hero in 2016. Abdullah AlRugaib is also identified as a co-founder and serves as Managing Director.

Business model

Eyewa is a vertically oriented retailer that sells eyewear directly to consumers through its e-commerce site and app and through its own stores, increasingly using in-house brands rather than third-party labels. It is building owned supply-chain infrastructure, including a Riyadh lens manufacturing and fulfillment facility, to control cost, speed and product quality.

Revenue comes from direct retail sales of glasses, sunglasses and contact lenses online, in-app and in physical stores, with promotional discounting and options such as cash on delivery.

Traction

Eyewa reported close to 150 stores across five GCC countries at the end of 2024, targeting 250 stores by end-2025, and its Android app lists more than 500,000 downloads. Total financing to date was reported at about $130 million after the Series C.

Latest developments

In November 2024 Eyewa announced a $100 million Series C led by General Atlantic with participation from Badwa Capital and Turmeric Capital, earmarked for R&D, hiring and at least 100 new stores in 2025, plus a Riyadh production and fulfillment hub slated to open in the first quarter of 2025 and expansion into Qatar.