Rocket's Netzoptiker files for insolvency

Harriet Bailey
23 September 2014

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Netzoptiker, the Limburg-based mail order glasses company backed by Rocket Internet and Omnes Capital, has filed for insolvency with the German Handelsregister.

A filing at Handelsregister, Germany's version of Companies House, states that a provisional liquidator has been appointed. Rocket holds a 42% stake in the online store according to Handelsregister.

News of the filing comes at a time when start-up accelerator Rocket Internet, itself backed by Investment AB Kinnevik, is preparing its imminent listing on the Frankfurt Stock Exchange.

Omnes led a €1.3m investment in Netzoptiker alongside Rocket Internet and other stakeholders in March 2010. Omnes, formerly known as Crédit Agricole Private Equity, took a minority stake. The capital was earmarked for new technical services and improved marketing activities.

Founded in late 2006, Netzoptiker sells glasses and contact lenses at a 60% discount on products bought on the high street, as it saves on both store-front costs and personnel.

However, its private equity-backed competitors have both a price edge and more external funding: Brille24 sells frames and corrective lenses through its online platforms at more than a 75% reduction compared to store prices and Berlin-based Mister Spex had received €32m in private equity backing in a series of funding rounds between 2009 and 2013.

Brille24 received €7m from Time Equity Partners in September 2012; the investor agreed to commit up to €12m in follow-on rounds to support the company's international expansion.

In August last year, online optician Mister Spex received backing from several venture capital and private equity firms, including DN Capital and High-Tech Gründerfonds, in order to buy two Swedish online eyewear stores, Lensstore and Loveyewear.