Swedish online eyewear shop buys two of its competitors
Two Swedish online eyewear shops, Loveyewear and Lensstore had been bought by Mister Spex, also an optic shop with heavy online operations. Mister Spex acquisition was supported via new capital infusions from several private equity firms. Most of these private equity firms have had previous relationships with Mister Spex.
XAnge Private Equity, DN Capital, Grazia Equity, High-Tech Gründerfonds invested EUR9 million in the firm back in 2009. In 2010, Astutia Ventures and Point Nine Capital joined the firm's team of investors in a EUR7 million series-B funding round for the optic firm. This year, Scottish Equity Partners took part in a EUR16 million funding round for the company alongside existing backers, XAnge and DN Capital.
Both Loveyewear and Lensstore were acquired to boost the firm's international expansion strategy. The Mister Spex management was drawn to the Northern European market because a large portion of the Swedish population wear contact lenses. Scandinavian interest in online shopping has also been growing.