Glasses Direct was founded by Jamie Murray Wells when, during his final year at university, he needed to wear glasses and was so staggered by the £150 price tag at his local optician's that he set about trying to find out the real cost of making a pair of prescription glasses. He soon discovered that the mark-up was huge, and saw an opportunity for someone to offer a great value product and service at a fraction of the price.  Today, Glassesdirect.co.uk is the largest online optician in the world and has pioneered a new way to buy glasses.  By maintaining low overheads and selling directly via the internet, Glasses Direct calculates it has saved consumers over £40m since it launched.

In 2007, the board of the company approached FirstCapital to advise on a series A fundraising, choosing us based on our understanding of the market place and track record in internet and digital media.  FirstCapital highlighted the unique attributes of the investment case in the documentation and developed a financial model that outlined the investment case. After a highly targeted competitive process, attracting a number of interested parties, the board selected Index Ventures and Highland Capital. We supported the management team during negotiations between the company, its shareholders and the incoming investors, and managed the due diligence process to close. 

In September 2008, having experienced rapid growth and expanded its management team, the company again sought the help of FirstCapital for a series B round to support international expansion. The company knew from its previous experience that we would go the extra mile for them, and valued our track record in managing multiple stakeholders in the company, including some early investors who were interested in achieving an exit at this round.

Embarking on an international fundraising roadshow, supported by FirstCapital, the company attracted considerable interest with multiple competing term sheets from international investors. A Series B round of £10mn in new money closed in April 2009 with new investor Acton Capital investing alongside the existing investors, Index Ventures and Highland Capital.

www.glassesdirect.co.uk | View case study

Testimonials

"Jason and his team enabled us to execute a smooth investment round, I was delighted with the high levels of support and the value they added through their experience, contacts, and quite simply: hard work. FirstCapital effectively became my right hand man not just in managing the investment round but also in devising and shaping the future strategy of Glasses Direct."
James Murray-Wells, CEO, Glasses Direct (Series A)

“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”
Kevin Cornils, Chief Executive Officer of Glasses Direct (Series B)