FARMINGTON HILLS — Beringea LLC, a private equity firm providing growth capital to market-leading businesses, 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 provides 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.
“MyOptique has led the way in disrupting the eyewear market, a sector in dire need of fundamental change,” said Trevor Hope, chief investment officer for Beringea. “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.”