Bloobloom raises £3 million to scale in the UK and beyond

Bloobloom, described as "designer eyewear at a fair price", has raised £3 million in a funding round to commence its European retail rollout, add to its portfolio of UK stores and expand its online presence in the US.

Bloobloom was founded by brothers Fares and Abbas Manai in 2017 to offer premium glasses direct to consumers without traditional retail markups. With that being said, each pair retails for a flat price of £99. One of Bloobloom’s standout features is the popular free home trial service, which allows customers to select five frames to try on at home for five days. What's more, the business promises that for every pair of glasses sold, it will donate a pair of glasses to someone in need as part of its 'Pair for Pair' initiative.

In its most recent financial results, the retailer reported strong financial performance with revenue growth of 2.3x from FY23 to FY24. On the back of this, Bloobloom has been growing a network of stores in the UK. It currently has seven stores in London: Soho, Marylebone, Covent Garden, White City, Chelsea, Canary Wharf and most recently, Shoreditch.

This series of funding, led by Pembroke VCT, with a contribution from Social Impact Enterprises, will be used to expand Bloobloom’s growing retail presence in the UK and US, as well as begin its rollout in Europe.

Fares Manai & Abbas Manai, Co-founders of Bloobloom said:  "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."

In August 2022, Pembroke VCT first invested £2.5 million into Bloobloom as part of a £4.8 million fundraise, alongside DMG Ventures, Social Impact Enterprises and angel investors. In this latest round of follow-on funding, Pembroke VCT committed £2 million, alongside £1 million from Social Impact Enterprises.

Andrew Wolfson, CEO of Pembroke Investment Managers LLP, commented: "Bloobloom continues to raise the bar in eyewear, blending premium product design with a seamless omnichannel experience. Under the leadership of Fares and Abbas, the business has demonstrated impressive momentum, underpinned by strong unit economics and proprietary technology that enhances both online and in-store journeys.

"We’re proud to support the team again as they accelerate their growth and bring ethical, design-led eyewear to a wider audience."

Anurag Agarwal, Fund Manager of Social Impact Enterprises, added: "We are delighted to deepen our partnership with Bloobloom as they continue to redefine the eyewear experience for consumers. Fares and Abbas’s relentless focus on customer-centric innovation, quality, sustainability and transparency is setting a new benchmark of excellence in the eyewear industry.

"Our continued support reflects our strong conviction in their mission, and we look forward to supporting their next phase of growth as they scale across the UK and beyond."