VC-backed MyOptique bolts-on Netzoptiker

Harriet Bailey
12 February 2015

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UK-based MyOptique has acquired Netzoptiker, the mail order glasses company backed by Omnes Capital, from insolvency.

The company stated the majority of the amount raised in its previous funding round would be invested in the German company.

MyOptique sees potential for growth in the online market in Germany – which is currently at 3% for eyewear, compared to 20% for other goods. According to the company, more than 40 million Germans wear glasses.

Netzoptiker filed for insolvency in September last year. Start-up accelerator Rocket Internet, backed by Investment AB Kinnevik, held a 42% stake in the online store. Omnes Capital led a €1.3m funding round in March 2010 and acquired a minority stake.

Following the transaction, Netzoptiker founder Dirk Meier will remain at the company as an adviser and support its integration with MyOptique. All personnel will remain at Netzoptiker and the company will continue to use the Neztoptiker brand.

The bolt-on announcement comes one day after rival Mister Spex, backed by GPs including DN Capital, purchased Norway-based Lensit. The acquisition was funded through a recent $40m funding round in January, led by Goldman Sachs Asset Management.

Previous financing
Beringea and Cipio Partners provided a £16m extension to MyOptique's series-C funding round in June 2014, bringing the total raised to £35m.

Acton Capital Partners, Highland Capital Partners and Index Ventures all participated in the initial series-C in December 2013.

MyOptique raised its first institutional funding round in 2007, when Index Ventures and Highland Capital Partners committed £3.8m to the firm. Two years later, the company raised £10m from its existing backers and Acton Capital Partners.

Company
Founded in late 2006, Netzoptiker sells glasses and contact lenses at a 60% discount compared with high street stores, as it saves on both storefront costs and personnel.

Launched in 2005 as Glasses Direct, the business rebranded as MyOptique Group last year. It generated revenues of €42m in the year to 30 April 2014, with two-thirds of turnover coming from non-UK sales. It has one million customers and operates in five European locations, including its Groundwell headquarters.

People
Kevin Cornils is CEO of MyOptique.