IVORY COAST – Eyewear startup, Lapaire, has secured a US$3 million investment to propel its expansion across the continent.
The equity round was spearheaded by Investisseurs & Partenaires (I&P), an impact investment fund, with notable contributions from AAIC, FINCA Ventures, and Beyond Capital. Additionally, CrossBoundary provided advisory support for the deal through USAID’s Africa Trade and Investment activity.
Founded in 2018, Lapaire offers a trusted and accessible eyecare experience, leveraging a one-stop-shop customer-centric approach to provide stylish quality eyeglasses at fair prices.
So far, the startup has tested the eyesight of more than 300,000 people and improved the lives of 180,000 of them. Lapaire fully operates 58 branches in six countries in Africa – Ivory Coast, Togo, Benin, Mali, Burkina Faso and Uganda.
“Over the last few years, we worked hard to build a highly scalable model, and we are now in the best position to accelerate our growth to positively impact the life of one million people across the continent by 2026,” said Jerome Lapaire, founder and CEO of Lapaire.
The primary purpose of this infusion of capital is to facilitate Lapaire’s ambitious expansion plans across Africa. The funds will be instrumental in supporting the establishment of new eye care centers, reaching more customers, and further solidifying Lapaire’s presence in the eyewear market.
This financial backing is anticipated to contribute to the company’s goal of positively impacting the lives of one million people across the continent by 2026.
Investors are attracted to Lapaire’s strategic approach to penetrating the eyewear market in Africa. The continent represents a substantial untapped market for affordable eyewear, with an estimated 35% of the population experiencing vision impairments.
Lapaire’s expansion plan aligns with the increasing demand for accessible eye care services, positioning the company as a key player in addressing this widespread issue.
Lapaire’s innovative business model, characterized by direct engagement with manufacturers and exclusive stocking of its own glasses, allows the company to offer eyewear at a significantly lower cost.
Investors recognize the scalability and sustainability of this approach, as it not only addresses a critical health need but also does so in a financially viable manner, making eyewear accessible to a broader demographic.
Looking forward, Lapaire aims to open 300 additional eye care centers over the next two years, with a specific target of establishing 80 new locations by 2024.
This ambitious growth plan reflects the company’s confidence in its scalable model and its commitment to positively impacting the lives of one million people across the continent by 2026.
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