Saudi retailer eyewa picks up $100 million in new funding round, set to open Riyadh hub

Dubai: The Saudi headquartered eyewear retailer eyewa has landed $100 million through its Series C funding round, with General Atlantic, Badwa Capital and Turmeric Capital participating.

The funds come as eyewa adds to its physical store presence in key GCC markets, with the aim of adding at least 100 new locations in 2025. It would build to the more than 150 locations it has across its network currently, with Saudi Arabia and the UAE being its leading markets.

But eyewa has an eye out to do more than sell eyewear. In Q1-2025, it will open a production hub in Riyadh. The facility will feature an ‘extensive’ warehouse space, fulfillment center, and lens manufacturing facility. Owned and operated by eyewa, it will provide ‘supply chain advantage (that) will improve speed and efficiency in delivering high-quality products to market’.

"In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model, but also the spirit of innovation across the region’s startups as we continue to dream big and break new ground in our respective industries,” said Anass Boumediene, co-founder and co-CEO of eyewa.

Founded in 2017, eyewa has dual headquarters, in Riyadh and Dubai.

Interestingly, the GCC retail sector recently saw another big-sized deal, with Magrabi and Rivoli merging their eyewear retail operations. The combined entity operates nearly 300 locations.

General Atlantic, which led the eyewa funding round, manages about $100 billion.