Glasses Direct parent secures £16m in additional funding

Glasses Direct parent and online European optical retailer, MyOptique Group,  has secured £16 million (€20m) of investment, bringing the total raised in its current  round to £35 million (€43m).

Two new investors, Korys and Beringea, have provided cash while more funding was won from existing investor Cipio Partners and Silicon Valley Bank. The firm said the money would be used for marketing, expansion into Europe and acquisitions. Investment will also be made in technology.

 MyOptique said its sales for the year ended April 2014 were £34 million (€42m), the firm claimed prescription glasses turnover was leading growth in the business and said it expected an increase of 50 per cent in the coming year. Two-thirds of sales are now in the European market outside the UK is added. MyOptique said house brands, such as Glasses Direct's London Retro and Scou,t had fuelled the growth and three more labels are planned for launch this year.