Bloobloom, the designer eyewear brand, has raised £3m in a follow-on funding round to facilitate the rollout of European retail stores and expand its online presence in the US. The round was led by Pembroke VCT, with a contribution from Social Impact Enterprises.
Founded in 2017 by brothers Fares and Abbas Manai, Bloobloom is redefining the eyewear industry by eliminating traditional retail markups and offering premium, design-led glasses and sunglasses directly to consumers. With both online and in-store experiences, Bloobloom delivers exceptional quality at a fixed and accessible price point of £99 per pair. One of Bloobloom’s standout features is the popular free home trial service, which allows customers to select five frames to try on at home for five days, ensuring a convenient and personalised shopping experience.
The business uses its proprietary AI technology platform, Theia, to perform readings and interpretations of prescriptions, selecting the correct lenses and analysing customer’s eye health history. To date, this has reduced error rate in prescriptions by 90%, as well as a 50% reduction in order processing time. Bloobloom’s technology also advises on style, enabling every customer to try on frames virtually in a lifelike experience that is true to size.
With over 100,000 active customers and a sales retention rate of 90%, Bloobloom has experienced strong financial performance with revenue growth of 2.3x from FY23 to FY24. The brand also has a growing network of seven stores in London: Soho, Marylebone, Covent Garden, White City, Chelsea, Shoreditch, and Canary Wharf. This renewed funding will be used to expand Bloobloom’s growing retail presence in the UK, set foot in Europe, and expand its online offering to the US.
Pembroke VCT first invested £2.5m into Bloobloom as part of a £4.8m fundraise, alongside DMG Ventures, Social Impact Enterprises, and angel investors in August 2022. In this latest round of follow-on funding, Pembroke VCT committed £2m, alongside £1m from Social Impact Enterprises.
Alongside strong performance metrics, this funding also speaks to the growth of the category. The size of the global eyewear market is experiencing robust annual growth and is expected to be valued at $405b by 2033, growing at a CAGR of 8%.
Tech-enabled providers such as Bloobloom are transforming the eyewear experience with innovative, user-focused technology that makes finding the perfect pair of glasses simple, seamless, and accessible, both online and in-store. A cornerstone of Blooblooms’s mission is its ‘Pair for a Pair’ initiative. For every pair of glasses sold, the business donates the cost to its charity partner, Vision Action, supporting access to essential eye care in communities around the world.
With this latest fundraise, Bloobloom is well-positioned to scale its operations, expand internationally, and continue redefining the eyewear category. By placing innovation and accessibility at the core of its growth strategy, Bloobloom is setting a new standard in the industry and reaching an increasingly global customer base.
Andrew Wolfson, CEO, Pembroke Investment Managers LLP, said: “Bloobloom continues to raise the bar in eyewear, blending premium product design with a seamless omnichannel experience. Under the leadership of Fares and Abbas, the business has demonstrated impressive momentum, underpinned by strong unit economics and proprietary technology that enhances both online and in-store journeys. We’re proud to support the team again as they accelerate their growth and bring ethical, design-led eyewear to a wider audience”.
Fares Manai & Abbas Manai, co-founder, Bloobloom said: “We are both excited and grateful as we embark on this next phase of growth, in partnership with some of the finest investors in the UK. This latest round of funding will enable us to continue enhancing our technology platform and to maintain the outstanding service we provide to our customers online, in store, and beyond, thanks to our Pair for Pair programme.”
Anurag Agarwal, fund manager, Social Impact Enterprises said: “We are delighted to deepen our partnership with Bloobloom as they continue to redefine the eyewear experience for consumers. Fares and Abbas’s relentless focus on customer-centric innovation, quality, sustainability and transparency is setting a new benchmark of excellence in the eyewear industry. Our continued support reflects our strong conviction in their mission and we look forward to supporting their next phase of growth as they scale across the UK and beyond.”
