Fast-track expansion for designer eyewear brand Bloobloom has been given a major boost, raising £3 million to support UK retail growth, the rollout of European retail stores, and to grow its online presence in the US.
The new funding arrives after the brand, which claims over 100,000 active customers and a sales retention rate of 90%, said it has experienced a strong financial performance with revenue growth of 2.3x from FY23 to FY24.
The brand wants to grow its network of UK stores which currently adds up to seven in London in key locations including Soho, Marylebone, Covent Garden, White City, Chelsea, Shoreditch, and Canary Wharf.
Alongside strong performance metrics, this funding “also speaks to the growth of the category”, Bloobloom said, noting the size of the global eyewear market is experiencing robust annual growth and is expected to be valued at $405 billion by 2023, growing at a CAGR of 8%.
“With this latest fundraise, Bloobloom is well-positioned to scale its operations, expand internationally, and continue redefining the eyewear category. By placing innovation and accessibility at the core of its growth strategy, Bloobloom is setting a new standard in the industry and reaching an increasingly global customer base”, it said.
Bloobloom co-founders Fares and Abbas Manai added: “As we embark on this next phase of growth, in partnership with some of the finest investors in the UK… this latest round of funding will enable us to continue enhancing our technology platform and to maintain the outstanding service we provide to our customers online, in store, and beyond.”
The latest follow-on funding round was led by Pembroke VCT, with a contribution from Social Impact Enterprises. Pembroke VCT first invested £2.5 million into Bloobloom as part of a £4.8 million fundraise, alongside DMG Ventures, Social Impact Enterprises, and angel investors in August 2022.
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