Ivorian eyecare startup Lapaire gets $3m to expand across Africa
- Ivory Coast-based eyecare startup Lapaire has secured $3 million in equity funding.
- Lapaire provides a reliable and accessible eyecare experience, offering high-quality, stylish eyeglasses at equitable prices.
- The funding will be used to expand Lapaire's presence in existing and new African markets, with plans to establish 300 new eye care centers across Africa.
Ivory Coast-based eyecare startup Lapaire has secured $3 million in equity funding. Founded in 2018, Lapaire provides a reliable and accessible eyecare experience, employing a one-stop-shop customer-centric approach to offer high-quality, stylish eyeglasses at equitable prices.
Since its inception, the startup has conducted eyesight tests for over 300,000 individuals, positively impacting the lives of 180,000 people. Lapaire currently operates 58 branches across six African countries, namely Ivory Coast, Togo, Benin, Mali, Burkina Faso, and Uganda.
The recent funding round was led by Investisseurs & Partenaires (I&P), with contributions from AAIC, FINCA Ventures, and Beyond Capital. The raised funds will be used to expand Lapaire's presence in both existing and new African markets, in addition to ongoing optimization of its operations. The company aims to establish 300 new eye care centers across Africa.
Points clés à retenir
Around 35% of the African population is affected by vision impairments, with 80% of cases being correctable with eyeglasses. However, the cost of obtaining a pair of glasses is often prohibitive for the average person. Compounding the issue is a shortage of trained eye care professionals, as the World Health Organization reports that only 13 countries in Africa meet the recommended standard of one eye health professional per 55,000 people. Lapaire aims to address these challenges by reducing the costs associated with its services and expanding to new locations. The startup's target demographic includes individuals earning between $200 and $800 monthly, who typically do not have health insurance.