Warby Parker, the optical ecommerce whale, has today announced the close of a $245 million funding round from D1 Capital Marriage, Durable Capital Partners, T. Rowe Price, and Baillie Gifford.
A source familiar with the company’s finances confirmed to TechCrunch that this imparts Warby Parker’s valuation to$ 3 billion.
The fresh $245 million comes as a combination of a Series F round ($ 125 million led by Durable Capital Partners in Q2 of this year) and a Series G round ($ 120 million to be provided by D1 Capital in Q3 of this year ). Neither of the two rounds was previously announced.
In the midst of COVID-1 9, Warby has also pivoted a few cases facets of its business. For one, the company’s Buy A Pair, Give A Pair program, which has focused on vision services around the globe, rotated to stopping the spread of COVID-1 9 in high-risk countries. The firm likewise used their Optical Lab in New York as a deployment centre to facilitate the donation of N95 masks to healthcare workers.
The company has also propelled a telehealth service for New York customers allowing them to extend currently available glass or contacts prescription through a virtual visit with a Warby Parker OD, and expanded its Prescription Check app to brand-new states.
Warby Parker was founded 10 years ago to sell drug glass online. At the time, ecommerce was still relatively nascent and the relevant recommendations of direct-to-consumer glass was novel, to say the least. By cutting out the cost of physical accumulations, and contesting with an incumbent who had for years enjoyed the indulgence of overpricing the make, Warby was able to sell prescription glass for under $100/ frame.
Of course, it wasn’t as simple as throwing up a few pictures of enclose on an internet site and watching the successions pour in. The corporation developed a process where customers could say five potential makes to be delivered to their home, try them on, and send them back formerly they made a selection.
Since, the company has expanded into new product lines, including sunglasses and children’s makes, as well as expanding its footprint with physical stores. In actuality, the company has 125 places across the U.S. and in some regions of Canada.
Warby too developed the prescription check app in 2017 to allow users to extend their prescription through a telehealth check up.
In 2019, Warby propelled a virtual try-on feature that uses AR to allow customers to see their adopted frames on their own face.
The D2C giant, in its ten years of existence, has poised its technological innovation with its physical swelling, which could explain its newfound triple-unicorn status. These latest rounds making Warby Parker’s total funded to $535.5 million.