Beyond Capital Ventures (BCV), a leading venture capital firm with a focus on emerging markets, is pleased to announce its investment in Lapaire, the leading Pan-African eyecare company leveraging innovative technology to provide free vision tests and affordable eyewear options to the lower- and middle-income African population. BCV's participation in Lapaire's Series B investment round demonstrates the firm's focus on supporting conscious leaders in one of the top emerging markets destinations worldwide.
NAIROBI, Kenya, Nov. 13, 2023 /PRNewswire-PRWeb/ -- Beyond Capital Ventures (BCV), a leading venture capital firm with a focus on emerging markets, is pleased to announce its investment in Lapaire, the leading Pan-African eyecare company leveraging innovative technology to provide free vision tests and affordable eyewear options to the lower- and middle-income African population. BCV's participation in Lapaire's Series B investment round demonstrates the firm's focus on supporting conscious leaders in one of the top emerging markets destinations worldwide.
Africa has a population of 550 million with untreated vision problems who lack access to affordable and reliable eyecare services that meet their needs. These customers often rely on conventional opticians or nonprofits to provide inadequate products and services. The company aims to improve the lives of this demographic through a strong customer-centric approach targeting low-income customers focusing on the transparency in prices and excellence in customer service. The company provides free eye tests to enable immediate results, affordable yet quality products and flexible payment options.
Founded in 2018 by JIrTme Lapaire, a Swiss-born lawyer and entrepreneur, Lapaire targets underserved, low-income, and price-sensitive customers. Forty-five percent of Lapaire's customers are under the national median income, and 70% are either first-time glasses wearers or have been previously unable to afford a pair. Lapaire's Series B round will allow the company to invest in more than 450 branches across new and existing markets, purchase new testing equipment, and expand production facilities. The company's ambitious goals include growing to 500 stores by 2027 and launching into five new markets including Democratic Republic of the Congo, Ghana, Guinea, Nigeria, and Tanzania. Louis Gascoin, the company's Co-Founder and Chief Operating Officer (COO) who brings over a decade of retail development experience in West Africa, joined the firm in 2021.
"Our company is on a mission to revolutionize the eyewear sector in Africa," said Lapaire, Chief Executive Officer (CEO). "Adopting a pan-African expansion strategy allows more people to benefit from our free services and very affordable products ; and positions us as one of the most dynamic companies in the field of vision care."
Beyond Capital Ventures prioritizes equitable gender representation as a benchmark for their portfolio companies, and Lapaire exemplifies this by boasting a strong female-led executive team, with women holding three out of seven senior management positions.
Eva Yazhari, General Partner at Beyond Capital Ventures, expressed her team's belief in Lapaire's vision for the future: "Lapaire has already impacted more than 200,000 lives to date through free eye tests and eyewear sales, which has led to improved productivity, increased earning potential, and better educational outcomes for individuals across the continent. It is this commitment to solutions delivering returns on multiple levels (financial and societal impact) in emerging markets that Beyond Capital Ventures is founded upon."
ABOUT LAPAIRE
Lapaire is an African eyecare business founded by JIrTme Lapaire in 2018, headquartered in Abidjan, CTte d'Ivoire. Lapaire, a Swiss lawyer and entrepreneur, started the company after realizing that access to eyecare services was a pervasive problem in Kenya, as consulting an eye specialist and getting eyeglasses required a lot of time and money that most people could not afford. With the name Lapaire meaning "a pair of" in French, JIrTme set up a small team and launched Lapaire with the goal of providing free vision tests, quality eyeglasses, and top-notch customer service. His co-founder, Louis Gascoin, joined the firm in 2021. The company now operates 54 optical shops across seven African countries with more than 300 employees, including eyecare professionals. With a goal to be the go-to eyewear brand in Africa, Lapaire is planning to open more branches in major cities before venturing into secondary cities. The company is also planning to expand in countries where it already operates, starting with more locations in Uganda, and West Africa. The firm is constantly innovating and spends time raising awareness about eyecare.
Visit Lapaire for more information.
ABOUT BEYOND CAPITAL VENTURES
Beyond Capital Ventures is a diversified emerging markets venture capital firm, building a diversified, dynamic, and de-risked portfolio with a strong impact mandate. The firm invests in the next wave of innovations that address the growing needs of 1B+ consumers in Africa and India. Beyond Capital Ventures final closed in November 2022 and backs conscious leaders building businesses to address growing demand in "need-to-have" sectors, primarily in healthcare, agriculture, and financial inclusion. The fund also pioneers an Equitable Venture structure that provides founders in the portfolio with a profit share in the GP carry.
Visit Beyond Capital Ventures for more information.
This notice does not constitute an offer to sell any security. Any offer will be made only by delivery of a complete private placement memorandum.
Media Contact
Isabelle Schmidt, Beyond Capital Ventures, 1 9789444887, isabelle@beyondcapitalventures.com
SOURCE Beyond Capital Ventures
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