The optical Warby Parker e-commerce Start-up has today announced that the company closed a funding of $245 million. The funding was led by Durable Capital Partners, D1 Capital Partners, Baillie Gifford, and T. Rowe Price.
A source well-known with the financing stated that the recent funding values the company at approximately $3 billion, a sizable uptick when evaluated to $1.75 billion following its evaluation at its previous announced funding in 2018. With this massive funding, the company is surely going to expand its services. The massive fresh funding of $245 million comes as an amalgamation of a Series F round $125 million led by Durable Capital Partners in Q2 of this year along with a $120 million Series G round led by D1 Capital in Q3 of this year. Both the rounds of funding were not announced before.
In the middle of the global crisis pandemic situation, Warby has also changed a small number of features of its business. Among the entire one was, Buy A Pair and get A Pair program, which is focused on vision services across the world. The idea was to stop the increase of infection in countries with maximum risk. To help the process further, the company also used its New York-based Optical Lab as the distribution center to make easy the donation of N95 masks which are very crucial for the healthcare workers. It was one of the outstanding steps that e-commerce has taken to stand with the globe in a difficult situation.
Not only this much, but the company also has launched a Telehealth service app that helps its New York customers. Through this app, the company is connecting with people and offering a virtual visit with a Warby Parker OD. The company started ten years ago, and at that time, the main idea was to sell prescription glasses online to the people. Before ten years, e-commerce was still comparatively emerging, and the plan of offering direct glasses was new. The company in the stiff competition was still able to enjoy the luxury of overpricing the prescription glasses.
Warby Parker co-CEO Neil Blumenthal said that “We’re lucky to be in a category like glasses, which is a necessity,” he said.
The company started with an idea in which customers could order five likely frames to be delivered to their address, check them, and send them back to the company address once they made a choice. With this entire agenda, finally, the company has 125 stores across the United States and in Canada. With this, the company has extended into various latest product lines, including children’s frames, and sunglasses, and prescription check app that help users to make the right choice for their glasses.
In short, we can say that in the past ten years, the Warby has balanced its technical improvement with its physical growth, which could make clear its brand new triple-unicorn status. These most recent rounds bring Warby Parker’s total funding to $535.5 million.