Early-stage and growth specialist Octopus Ventures has invested £1.355 million into GetOptics, forming what it claims is the UK’s largest web-based contact lens and eye care products business.
The investment is from the Octopus Titan VCTs 1, 2 and 3, Eureka EIS and the Octopus Investor Group.
GetOptics consists of GetLenses and PostOptics, which will now trade under the merged brand. The deal with Octopus values the combined company, which has 100,000 customers and sales of £6 million, at more than £5 million.
The company will be led by chief executive Michael Kraftman, who was a director of Optical Partners, the former parent company of PostOptics.
Kraftman says the management team retains key staff from both GetLenses and PostOptics. The company, which has a white-label contract with a large UK retailer, is now looking to expand the company into continental Europe, he adds.
The transaction was made possible because 45 per cent of the consideration for the acquisitions of GetLenses and PostOptics has been deferred, reducing the need for conventional bank debt.
Jo Oliver, investor director at Octopus, led the deal for the firm, while law firms Shoosmiths and Lawrence Graham advised Octopus and GetOptics respectively.