UAE – Mubasher: Hopi, a Dubai-based direct-to-consumer subscription contact lens start-up, announced it has closed an initial seed-funding round from Esanjo Ventures, a trading, investment, and technology firm headquartered in Dubai and led by former JadoPado CEO Omar Kassim.
The start-up will use the funding round to start shipping its own range of optical and coloured contact lenses directly to customers across the UAE, with deliveries expected to begin end-2019, according to a press release.
This is one of Kassim’s first external investments after the acquisition of JadoPado by Emaar Properties’s chairman Mohamed Alabbar in 2017.
Hopi’s subscription model guarantees consumers the delivery of high-quality prescription lenses at a cheaper cost than of branded retail lenses, co-founders Kristian Stinson and Charles Wright said.
“Contact lenses can be costly, so many GCC residents choose to buy them in bulk abroad rather than purchase them locally. Hopi aims to remove the barriers to buying with on-demand delivery of premium and reliable lenses to consumers across the region,” Stinson highlighted.
Hopi produces the lenses in partnership with Taiwanese optics manufacturer Pegavision.
In March, the start-up managed a campaign to gather market demand amongst UAE customers, offering consumers a discounted supply of lenses in exchange for their early sign-up. Accordingly, it secured over 19,000 subscribers in less than two weeks.
“Given his track record, we were delighted at the prospect of partnering with Omar. We knew immediately that he and Esanjo Ventures would be an ideal fit for our company,” Stinson added.
Hopi plans to use the funding to finance its launch in the UAE and to build market share, Stinson noted.
Moreover, the firm seeks expansion into Saudi Arabia and other GCC markets over the coming 18 months.
