Pembroke VCT has invested £2.5 million into ethical glasses company Bloobloom as part of a £3.7 million fundraise. Investing alongside Pembroke VCT are DMG Ventures and several angel investors.
Established in 2018 by brothers Abbas and Fares Manai, Bloobloom is disrupting the glasses market by selling premium spectacles and sunglasses at a fair price, via a seamless buying experience. Bloobloom sells direct to consumers both online and offline through a growing store network, removing the middlemen and costs associated with them. This latest round of investment will help Bloobloom further develop its pioneering technology and scale its business in the UK.
Bloobloom adopts a transparent business model, sharing information such as raw material costs, transport and taxes with customers to demonstrate what they are getting for their money. Acting in stark contrast to its costly competitors, Bloobloom sells its glasses at an average price per pair of £95 whilst still achieving a healthy margin. The founders believe premium glasses can be reasonably priced and reject the glasses industry’s current pricing conventions. Thin lenses, anti-scratch and anti-glare coatings are offered as standard, with blue light filtering treatments and transition lenses available at a reasonable additional cost.
A key goal of the business is to help the 2.5 billion sight-challenged people in the world without access to glasses. Bloobloom’s Pair for Pair programme ensures that, for every pair of glasses sold, Bloobloom donates another pair to someone in need.
Bloobloom successfully launched two London stores in November and December 2021 (based in Carnaby Street and Marylebone High Street) and plans to grow this store network firstly in London before looking nationwide.
Fred Ursell, Investment Director, Pembroke Investment Managers LLP commented: “Bloobloom is a great example of a brand recognising and harnessing the power of the omnichannel approach. Fares and Abbas are transforming the customer experience of purchasing glasses into a delightful one, both online and instore. Bloobloom’s focus on experience, product and brand has led to impressive commercial traction to date to match its solid ethical foundation. We are pleased to be supporting the team to realise its next level of ambition.”
Abbas Manai, co-founder of Bloobloom added: “From day one we set out to disrupt the glasses market and today’s news is another demonstration of realising that ambition. Consumers today have higher expectations of the brand experience, technology and ethics associated with the glasses they buy and our latest investment will help us to continue to not only meet these expectations but exceed them.”