Lapaire, a Pan-African eyecare company that makes affordable eyewear in Africa to help people see and live better, has raised $3 million to expand across Africa.
The equity round was led by I&P, a pioneer impact investment fund in Africa, Investisseurs & Partenaires, with participation from international investors AAIC, FINCA Ventures, and Beyond Capital.
The startup disclosed that the funds raised will be used to expand its footprint in current and new African markets, as well as to keep optimizing its operations leveraging a disruptive approach in the eye health market.
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The company’s growth plan includes opening new stores in Togo, Côte d’Ivoire, Burkina Faso, Mali, and Benin. Also, it plans to open branches in multiple strategic locations within Nairobi, Kenya, and other cities in the country to make their services more accessible to people.
Lapaire Glass was founded in 2018 by Jerome Lapaire, with its launch in Kenya. It initially began with a B2B sales approach, but has since abandoned that model, favouring direct contact with the customer. In the process, it has tested the eyesight of more than 300,000 people and now employs 350 people.
The company quickly caught the attention of a venture capital fund, Saviu Ventures, and now operates 20 optical shops across Africa with over 150 employees, including eye professionals.
Lapaire has remained committed to providing its customers with the best possible service and a positive shopping experience.
With a goal to be the go-to eyewear brand in Africa, the company is planning to open more clinics in major cities before venturing into rural areas.
According to The World Health Organization, it reports that nearly one billion people globally have a vision impairment that could have been prevented or addressed, and over 550 million people need glasses but only one percent wears them.
In line with this, Lapaire has an ambitious plan to be the go-to eyewear brand in Africa and is planning to open more clinics in major cities and then in rural areas.
Its mission is to provide high-quality eyeglasses at affordable prices to ensure that everyone has access to clear sight and the ability to fully enjoy their lives.
Over the next two years, it intends to open 300 eye care centres, with the target for 2024 being 80 new locations.
“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 lives of 1 million people across the continent by 2026,” the company said in a statement.