Octopus Ventures, an investor in early-stage and expanding companies, has invested GBP1.355m into GetOptics.
This investment facilitates the acquisition of GetLenses and PostOptics, creating GetOptics.
The combination of the two companies under the new brand GetOptics creates the UK’s largest online contact lens and eye care product business. The newly combined company has over 100,000 existing customers, pro forma sales of GBP6m and a white label online contact lens contract with one of the UK’s largest retailers. The company has projected growth of 33 per cent for the year following completion.
The UK eye care market is worth GBP2.3bn per annum, of which contact lenses accounts for nearly GBP500m and the online contact lens market GBO25m.
Nearly 45 per cent of the total consideration for the acquisitions of GetLenses and PostOptics is deferred in place of conventional bank debt.
The funding was provided by the Octopus Titan 1, 2 and 3 VCTs, Eureka EIS, and the Octopus Investor Group.
Michael Kraftman, who will become chief executive of GetOptics, says: “GetOptics is ideally placed to take advantage of both the growth in use of contact lenses and the continued expansion of online sales. We already have a wide and loyal base of customers, who continue to place repeat orders with us and our proven expertise means we are in a strong position to expand our ‘white label’ service to other major international retailers.”
Alex Macpherson, chief executive of Octopus Ventures, says: “We are delighted to be backing GetOptics’ entrepreneurial management team. From the outset we have been impressed by the team’s vision, enthusiasm, determination and professionalism.
“We believe that the company’s market leadership excellently positions it to fully exploit the growth in the European on-line contact lens and eye care market. We look forward to providing GetOptics not only with the capital that they need but the strategic support to help them achieve their ambitious expansion plans.”
