FARMINGTON HILLS, Mich. – Beringea, LLC , a private equity firm providing growth capital to market-leading businesses, has announced that its London office, Beringea LLP, has invested in MyOptique Group , Europe’s leading online optical retailer. Beringea LLP joins new MyOptique investor Korys and existing investors Cipio Partners, Silicon Valley Bank, Acton Capital Partners, Highland Capital Partners and Index Ventures in the $59.5 million round, which is one of the largest technology venture capital investments in the United Kingdom this year. Funds will be used to further finance marketing and technology investment and expansion into Europe as well as acquisitions.
MyOptique Group is a full service optical business, providing branded and own brand prescription glasses, contact lenses and sunglasses via a portfolio of international websites including Glasses Direct, Sunglasses Shop, LensOn and MyOptique. The company’s in-house prescription glass brands, London Retro and Scout, are the top two selling brands on Glasses Direct; three additional labels are planned for the fall.
Trevor Hope, chief investment officer for Beringea LLP, commented: “MyOptique has led the way in disrupting the eyewear market, a sector in dire need of fundamental change. We are excited to be partnering with an exceptional team who have developed a fantastic value for money, convenient consumer offering while delivering a highly professional service.”
Kevin Cornils, MyOptique CEO, commented: “The offline European optical market is valued at over $34 billion today. However, while over half of consumers now buy books online, and nearly 20 percent of apparel is now bought online, only 2 percent of people currently buy their glasses online – meaning that the potential is massive as consumers follow the trends in other categories. This additional capital will allow the MyOptique Group to dramatically accelerate our growth and enter new markets to strengthen our dominant position in Europe.
Beringea, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, information technology, advanced manufacturing, media and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for stakeholders. For more information, visit www.beringea.com <http://www.beringea.com> .
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.