Berlin-based Mister Spex, an online optician that offers contact lenses as well as a comprehensive range of directly available designer glasses and sunglasses across Europe, has raised over €65 million to drive further business expansion.
The Büll Family Office led the equity round with participation from existing investors, while Global Growth Capital provided a senior debt facility. The company enjoyed strong growth and profitability in 2018, and the investment will enable the company to accelerate this strong momentum with further development of its retail store portfolio and acceleration of its international expansion plans.
Incorporated in 2007, Mister Spex has since become a leading online optician offering an extensive product portfolio of over 10,000 prescription glasses, sunglasses and contact lenses to three million customers in ten countries. In line with its omnichannel strategy, the company operates eleven of its own retail stores in Germany, and has developed a wide network of partner opticians in Germany, Austria, Switzerland, the Netherlands and Sweden.
“The continued success achieved over the past year yet again underlines how our business model has changed the whole eyewear sector,” said Dirk Graber, founder and co-CEO of Mister Spex. “The current financing round will enable us to invest in further growth, and we have established three clear strategic priorities: further expansion of our retail store network, internationalization and additional investment into logistics. Through the Büll Family Office, we are delighted to have gained a very experienced partner in the retail sector, which will allow us to gain further momentum. Global Growth Capital has provided a complimentary debt structure to support our store expansion strategy.”
“We believe that Mister Spex has developed a unique business model that not only harnesses changes in consumer behaviour but also leverages multiple online and offline distribution channels to drive profitable growth,” said Olya Klüppel, partner at Global Growth Capital. “We are very exited to partner with their talented team.”
“Our continued success underlines our belief in combining the best of both worlds: online and offline,” added Dr Mirko Caspar, co-CEO of Mister Spex. “Sales in our online shops continue to grow strongly. However, our experience shows that through the unique combination of online shops, our own retail locations and over 500 partner opticians, we are able to add an additional layer to the consumer experience and fully address the market potential. We remain committed to our omnichannel strategy.”