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UAE-based startup eyewa raises $2.5m in latest funding round

The latest funding has scaled the company’s total raised capital to $11.1m in three years

UAE-based eyewear startup eyewa, has raised a pre-series B bridge round of $2.5m to build new capabilities to further strengthen its position in the online eyewear space across the MENA region.

The funding, secured from Wamda Capital, EQ2 Ventures and Nuwa Capital, is eyewa’s third funding round, following a 2019 Series A round of $7.5m and a 2018 seed round of $1.1m.

The latest funding has scaled the company’s total raised capital to $11.1m in three years.

Eyewa, the largest online eyewear retailer in UAE and Saudi Arabia, witnessed its business doubling during the Covid-19-induced lockdown as many customers switched their shopping habits away from stores towards online shopping.

Co-founder and co-CEO Anass Boumediene said: “Eyewa has seen exponential growth over the last year by making eyewear more accessible in our region. We offer a unique portfolio of trendy eyewear products at an affordable price and a great online shopping experience, solving a big pain point for our customers.”

Mehdi Oudghiri, co-founder and co-CEO added: “These funds will allow us to accelerate our disruption of MENA’s eyewear retail sector through the implementation of innovative tech solutions, expanding our product portfolio and offering best in class customer service.”

Last year, eyewa was selected as one of the top 100 Arab startups by the World Economic Forum for its contribution to the region’s digital transformation.

“The founders’ response to the challenges posed by the Covid-19 outbreak does not fall short of efficiency and reassures our confidence in eyewa as a unique e-commerce platform that continuously seizes market opportunities and will only continue to grow and enhance user experience across the Mena region,” said Fadi Ghandour, executive Chairman of Wamda.

The company specialises in online retail of sunglasses, eyeglasses, prescription contact lenses and colour contact lenses.