Eyewa Secures $100 Million in Funding
Eyewa, a company specializing in eyewear retail with headquarters in Dubai and Riyadh, has announced securing $100 million in a Series C funding round. The round was led by General Atlantic, with participation from Badwa Capital and Turmeric Capital, bringing the company’s total funding to $130 million since its inception.
Eyewa currently operates 150 stores across five Gulf countries and plans to add 100 new stores by 2025, including expansion into the Qatari market. The company also aims to establish an advanced production facility in Riyadh, which will include a warehouse and lens manufacturing plant, to enhance supply chain efficiency and expand operational capabilities.
Founded in 2017 by Mehdi Oudghiri and Anas Boumediene, Eyewa began its journey by selling eyewear products online. Over time, it has evolved into one of the region’s leading eyewear retailers, focusing heavily on developing its own private label brands.
Eyewa faces strong competition from Magrabi, a company established in 1927 and considered one of the oldest eyewear retailers in the region. Magrabi has recently strengthened its market position through a merger with Rivoli, bringing the total number of its stores to approximately 290 across the Middle East.