Bloobloom secures three million pounds funding to bolster expansion
Bloobloom has announced the closing of a three million pound follow-on funding round which it said it would use to aid the roll out of European stores. The British eyewear brand also noted that it had its eyes on expanding its online presence in the US.
The funding was led by Pembroke VCT, which had initially invested 2.5 million pounds into Bloobloom as part of a 4.8 million pound fundraise in 2022. For this latest round, the venture capital trust contributed two million pounds, alongside an additional one million pounds from Social Impact Enterprises.
Through the fundraise, Bloobloom said it was 'well-positioned to scale its operations', expand internationally and grow its retail presence in the UK, where it currently operates seven stores across London.
Founded in 2017, Bloobloom is dedicated to a tech-focused approach to eyewear, utilising its proprietary AI technology platform, Theia, to perform readings and interpretations of prescriptions in order to select the correct lenses for customers and analyse their eye health.
The company has continued to grow since its inception, reporting over 100,000 active customers with a sales retention rate of 90 percent. Bloobloom further stated that it welcomed a revenue growth of 2.3x from FY23 to FY24.
In a press release, co-founders of the brand, Fares and Abbas Manai, said in a joint statement: 'We are both excited and grateful 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, thanks to our Pair for Pair programme.'
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