blank

Glasses Direct gains further VC backing

The online glasses retailer attracts £10m

Glasses Direct, the online glasses retailer, has secured £10m from new and existing investors.

The business has received further backing from Index Ventures and Highland Capital, as well as new investment from Acton Capital Partners. The new funding will be used for working capital and investment into new technology and marketing. The company hopes to expand further into the US and also to further explore the European markets. The business, which was founded by the then 21-year-old university student Jamie Murray in 2004, has received enormous levels of publicity during the course of its history. It has repeatedly baited high street glasses stalwarts, such as Specsavers, and has always been keen to compare itself favourably on price against traditional retailers. Wells’ business first received investment from Index and Highland in 2007 and its founder became the company’s executive chairman. Commenting on today’s fundraising he said: “I’m delighted with the success of this fundraising. “Because of the world class management team we’ve attracted, further capital and Acton’s involvement, we are well on our way to achieving my founding vision for Glasses Direct – a global household brand name synonymous with high quality, great value prescription glasses on the web.” Cristoph Braun, of Acton’s Capital Partners will join Glasses Direct’s board. © Crimson Business Ltd. 2009

Comments

You must log in or Sign up to post a comment.