Having first set up as Glasses Direct in 2005, MyOptique Group was rebranded from Prescription Eyewear earlier in 2013. The business bought Sunglasses Shop in 2011 and now provides products ranging from sun wear to contact lenses.
The funds it has new secured will be put to work financing marketing in Europe as well as future acquisitions.
MyOptique has reported gross retail sales for the year ending April 2014 of £34 million, ahead of predicted growth of 50 per cent during the coming year. Since first taking on venture capital investment, the business has secured an average annual growth rate of 53 per cent.
The business was one of 49 others selected as Future Fifty companies by Tech City UK and the government in the fourth quarter of 2013. The initiative provides dedicated advice and support for high-growth companies on track to secure a public market listing.
MyOptique CEO Kevin Cornils reveals that the offline European optical market is still valued at $25 billion.
‘While over half of consumers now buy books online, and nearly 20 per cent of apparel is now bought online, only 2 per cent of people currently buy their glasses online – meaning that the potential is massive as consumers follow trends in other categories,’ he adds.
‘This additional capital will allow the MyOptique Group to dramatically accelerate our growth and enter new markets to strengthen our dominant position in Europe.’
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Joining Korys and Beringea in the top-up round are Cipio Partners and debt provider Silicon Valley Bank. The round is now worth £35 million, including its first portion raised in December 2013.
The past 12 months has seen the launch of sunglasses and prescription eyewear on LensOn in the Nordic market and the launch of LensOn contact lenses into the UK market.
Beringea chief investment officer Trevor Hope believes that MyOptique has led the way in disrupting a sector ‘in dire need’ of fundamental change.
‘We are excited to be partnering with an exceptional team who have developed a fantastic value for money, convenient consumer offering whilst delivering a highly professional service.’