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Korys and Beringea join £16m Series C round for online eyewear company

23 Jun 2014

glassesPrivate equity investors Korys and Beringea have made their first investments in online designer glasses store MyOptique Group by backing a £16m financing round.

Cipio Partners and Silicon Valley Bank re-upped in the latest Series C financing stage, bringing the total private equity investment to £35m.

The UK-based company said the funds will be used to finance marketing investment and expansion into Europe and to make acquisitions.

It also hopes to “revolutionise” the eyewear industry so that more glasses are bought online rather than in opticians, a move MyOptique says has already saved glasses-wearers more than £40 million.

Beringea chief investment officer Trevor Hope said, “MyOptique has led the way in disrupting the eyewear market, a sector in dire need of fundamental change.”

Retail sales for the company’s brands Glasses Direct, Sunglasses Shop, LensOn and MyOptique were €42m in the 2013-2014 financial year, with the highest earning prescription glasses sector projected to grow by more than 50 per cent in the next year.

A previous funding round for MyOptiqueGroup secured £8m with Acton Capital Partners, Highland Capital Partners and Index Ventures leading the way, with GP Bullhound Sidecar signing up as a new backer.

London-based growth capital investor Beringea has been expanding its investment team with two hires announced in September last year.

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