Pembroke VCT plc, a venture capital trust focused on backing early-stage businesses led by founders and management teams, has invested £2.5 million in ethical glasses company Bloobloom as part of a £3.7 million fundraise. Investing alongside Pembroke VCT are DMG Ventures and several angel investors.
Established in 2018 by brothers Abbas and Fares Manai, Bloobloom is disrupting the glasses market by selling premium spectacles and sunglasses at a fair price, via a seamless buying experience. Bloobloom sells direct to consumers both online and offline through a growing store network, removing the middlemen and costs associated with them. This latest round of investment will help Bloobloom further develop its pioneering technology and scale its business in the UK.
Bloobloom adopts a transparent business model, sharing information such as raw material costs, transport and taxes with customers to demonstrate what they are getting for their money. Acting in stark contrast to its costly competitors, Bloobloom sells its glasses at an average price per pair of £95 whilst still achieving a healthy margin. The founders believe premium glasses can be reasonably priced and reject the glasses industry’s current pricing conventions. Thin lenses, anti-scratch and anti-glare coatings are offered as standard, with blue light filtering treatments and transition lenses available at a reasonable additional cost.
