Glasses

MyOptique Group raises GBP16m to complete funding round

MyOptique Group, a European online optical retailer, has secured a GBP16 million (EUR20m) additional investment, bringing the total raised in its current Series C funding round to GBP35 million (EUR43m).

The latest investment came from two new investors, Korys and Beringea, manager of the ProVen VCTs, with additional funding from existing investor Cipio Partners and Silicon Valley Bank.
 
Together with the initial Series C investment round from previous investors Acton Capital Partners, Highland Capital Partners and Index Ventures, the GBP35m (EUR43m) round is one of the five biggest UK technology venture capital investments of 2014.
 
It will be used to further finance marketing investment and expansion into Europe as well as acquisitions.
 
Gross retail sales for the year ended April 2014 were reported at GBP34 million (EUR42m) with prescription glasses turnover leading growth in the business and projected to grow by over 50 per cent in the next 12 months. The business also continued its growth into Europe, with non-UK sales now accounting for nearly two-thirds of its turnover.
 
Kevin Cornils, MyOptique CEO, says: “The offline European optical market is valued at over EUR25 billion today. However, while over half of consumers now buy books online, and nearly 20 per cent of apparel is now bought online, only two per cent of people currently buy their glasses online – meaning that the potential is massive as consumers follow the trends in other categories. This additional capital will allow the MyOptique Group to dramatically accelerate our growth and enter new markets to strengthen our dominant position in Europe.”
 
Korys CEO Vincent Vliebergh says: “We are delighted to support the continuous growth of MyOptique, which has already reached a leading position in its core markets through its innovative business model. We are truly excited to join forces with a top level management team and reputed group of investors.”

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