Join mailing list| FirstCapital Advises Glasses Direct on its £10m Series B Funding |
London, 21 April 2009FirstCapital, the technology investment bank, announces that Glasses Direct has raised £10m in Series B funding from Acton Capital Partners, Highland Capital Partners and Index Ventures. FirstCapital acted as exclusive financial advisor to Glasses Direct in this transaction, having previously acted for the company in its Series A round in 2007.Jamie Murray Wells, Founder and Executive Chairman of Glasses Direct, said: “FirstCapital has once again proved itself as a trusted partner for GlassesDirect. Jason and the team have advised us over two successful rounds of funding and all parties around the table are pleased with the result.” “FirstCapital ran a tight process which was led by one of their directors from start to finish. They provided clear analysis of the various offers received and valuable advice on how best to negotiate the right deal, balancing the requirements of the company, existing shareholders, management and new investors. I am delighted with the result” commented Kevin Cornils, Chief Executive Officer of Glasses Direct “We have worked with Glasses Direct over two rounds of financing and this is a good example of the long term relationships that we build with our clients.” said Jason Purcell, CEO of FirstCapital. “This recent round was one of the largest in Europe this year and was completed against an extremely challenging funding backdrop. It demonstrates that capital is available for outstanding companies with the potential to become global leaders.” Below follow excerpts from the Glasses Direct press release: Glasses Direct, Europe’s largest online prescription glasses retailer, has secured £10m in its second round of funding from an international syndicate of blue chip investors. The deal further supports Glasses Direct’s position as the leader in the fast-growing internet eyewear category as it changes the way people buy glasses by offering significant value together with exceptional service selling prescription glasses online. Acton Capital Partners, a Munich-based specialist investor in internet and mobile based consumer-oriented businesses, has become the latest investor joining existing Glasses Direct VC shareholders, Index Ventures and Highland Capital Partners who both reinvested in the round. Christoph Braun from Acton will join the Glasses Direct Board. The new funding will be used for working capital to expand the UK business, increasing the company’s ability to lead the emerging sector in technology and marketing. Glasses Direct will also be using the funding to support a significant push into the US market, as well an exploration into potential European markets. The prescription glasses retail market across Europe and the US (totaling £28.5bn in 2008), with the internet representing the fastest growing market segment. In the first quarter of 2009, Glasses Direct enjoyed its most successful period in its history, despite the tough retail conditions, shipping tens of thousands of pairs of glasses to UK customers. The company continued its innovation in the sector having launched a home trial programme in March enabling consumers to try-on up to four frames at home before they buy and the business continues to develop its online virtual mirror software which allows customer try on any pair of glasses online. Every order that is processed by Glasses Direct is reviewed by a licensed optician and is quality checked before dispatch. Glasses Direct stocks over 30 ranges of designer frames including Cavalli and Benetton and has just added collections from Vera Wang and Nicole Farhi. Christoph Braun, of Acton Capital Partners said “Glasses Direct is a highly innovative and potentially disruptive approach in a very large market. We were particularly impressed by the spirit and the quality of the leadership team at Glasses Direct, and looking forward building the business in the UK and internationally. An important cornerstone of the company going forward will be the continued cooperation with the leading brands in the eyecare industry.” Saul Klein of Index Ventures said “We are delighted to be reinvesting in this round with Glasses Direct, which has continued to innovate and lead the creation of this new market. With a strong team in place they are well positioned to continue their success in creating a global leader in this category.” Fergal Mullen of Highland Capital Partners said “We’ve been very happy with the success of Glasses Direct and are proud to be supporting the company as it grows into a new stage of development. There is tremendous potential to really shake up the industry and Glasses Direct is at the forefront of doing just that.” For more information, contact:Jason Purcell, CEO About FirstCapital |
