Forget your compelling online content business model, you just need to sell things to get big funding. The UK’s largest online prescription glasses seller Glasses Direct has raised a massive £10 million second round of funding from a group of new and existing investors. Munich-based mobile investment specialist Acton Capital Partners is the new investor, joining repeat investors Index Ventures and Highland Capital Partners in the funding. Christoph Braun of Acton will now join the GD board. The company, founded in 2004, was advised by First Capital during the round and its lawyers were Orrick, Herrington and Sutcliffe.
The money will go on expanding the UK business with investment in technology and marketing as well funding an assault on the US market and a potential launch in mainland Europe. The company estimates the combined glasses retail market across the US and Europe to be worth £28.5 billion with online the fastest-growing sector, so it’s not hard to see how the investors saw the potential for growth. Despite the turmoil surrounding many online businesses right now, GD says Q109 was the best in its history and shipped tens of thousands of specs across the UK.