The global eyewear industry is witnessing a surge in innovative ventures, and the Middle East is producing its own rising star: Eyewa. The Dubai- and Riyadh-based company, which offers a diverse range of eyewear products including prescription glasses, sunglasses, blue light glasses, and contact lenses, has successfully raised $100 million in a Series C funding round. Led by global growth investor General Atlantic, this latest funding brings Eyewa’s total investment to $130 million since its inception in 2017.
A Visionary Beginning
Founded by Anass Boumediene, Mehdi Oudghiri, and Abdullah AlRugaib—all former Bain & Company consultants—Eyewa initially began as an e-commerce platform for third-party eyewear brands such as Ray-Ban, Gucci, and Prada. However, recognizing unmet needs in the Middle East’s eyewear market, the company pivoted to launching its own proprietary brands.
Between 2015 and 2017, Boumediene and Oudghiri gained invaluable experience scaling Foodpanda’s regional operations under Rocket Internet and DeliveryHero ownership. The duo, who claim to have grown Foodpanda 50x in three years and brought it to profitability, were inspired to channel their entrepreneurial zeal into addressing a new challenge.
“We were hooked on entrepreneurship after our time with Foodpanda,” said co-CEO Boumediene. “We wanted to find the right problem to solve, so we started exploring ideas and comparing challenges across different regions.”
Eyewa’s Unique Approach
After conducting extensive research, Eyewa’s founders identified a gap in the Middle Eastern eyewear market. Myopia prevalence was rising among the region’s young population—estimated at 27% in the UAE—while local eyewear retailers were largely focused on in-store sales, with limited e-commerce options and high price points.
Initially, Eyewa spent two years gathering customer behavior data through its online store. By analyzing metrics such as cart additions, search queries, and purchase patterns, the company was able to design and launch nine proprietary brands catering to diverse customer needs. Today, these in-house brands account for 96% of Eyewa’s revenue, enabling the company to offer affordable products to mass-market consumers across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
Unlike traditional retailers who treat eyewear as a medical necessity, Eyewa markets glasses as fashionable accessories. “We’ve reimagined the eyewear experience,” said Oudghiri. “While we ensure high-quality lenses and comprehensive eye tests, our retail experience prioritizes fashion and affordability.”
Eyewa’s entry-level eyeglasses, including lenses, are priced at approximately $100—half the cost of similar products in traditional stores in the Gulf states.
Omnichannel Expansion and Rapid Growth
Recognizing the limitations of a purely online presence, Eyewa began opening retail stores in December 2020 as COVID-19 lockdowns eased. This move allowed the company to serve a broader audience, offering in-store eye examinations and enabling customers to try on frames before purchasing.
With a $21 million Series B round raised in 2021, Eyewa scaled its retail operations rapidly, establishing 150 wholly owned and operated stores across five countries. This makes Eyewa the largest eyewear retailer by store count in Saudi Arabia and the fastest-growing globally. For comparison, global benchmarks like Warby Parker and Lenskart took seven and six years, respectively, to reach 100 stores.
“We executed super fast,” said Boumediene. “No other retailer in the GCC has scaled to 100 stores across any vertical in under four years.”
Looking Ahead
Eyewa plans to open at least 100 additional stores across six countries, including Qatar, by 2025. The company is also set to inaugurate a production facility and fulfillment center in Riyadh next quarter. According to Boumediene, Eyewa is already profitable, with revenues growing over 50% year-over-year.
Global Backing for Regional Growth
General Atlantic’s investment in Eyewa underscores the growing global interest in the GCC’s burgeoning startup ecosystem, fueled by sovereign wealth funds and increasing venture capital activity. Previous investors in Eyewa include Badwa Capital, Turmeric Capital, Nuwa Capital, and Endeavor Catalyst.
“The VC ecosystem in the region has evolved significantly in the past five years,” commented Oudghiri. “It’s exciting to see established growth and private equity funds like General Atlantic recognizing the potential of startups in the Middle East.”
With its strategic vision and backing from prominent investors, Eyewa is well-positioned to reshape the eyewear market across the Middle East and beyond.
