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- Online eyewear store Mister Spex raises $20.8m to support its expansion plans
Berlin-based online eyewear store Mister Spex has received a 16 million euros (roughly $20.8 million) cash injection led by Scottish Equity Partners (SEP) to support its growth and expansion strategy.
The latest funding comes from the VC firm’s growth equity and venture capital fund, SEP IV, which launched in 2012 – DN Capital and Xange also participated in the round.
Last month, we talked to Mister Spex Managing Director Dirk Graber, who gave us a few hints about what’s coming down the pipeline: “We still have so many opportunities to tackle within the industry – we’re just at the beginning.”
Today he confirmed: “We will develop our international online stores for France, Spain and Sweden … and we are happy to have a new, experienced European investor on board.”
Launched in 2007, Mister Spex initially received support and funding from company builder Team Europe (also a shareholder in The Next Web media syndication partner VentureVillage, where this article was originally published).
The online eyewear store operator earned 26 million euros in revenue last year but revealed that it is not yet profitable; it hopes to achieve that milestone next year.
Currently, Mister Spex is available in Germany, France, Sweden and Spain.
Top image credit: Thinkstock