There’s a lot happening at Warby Parker lately.
In one fell swoop, the direct-to-consumer pioneer raised $75 million in Series E funding, welcomed Harvard Business School Professor Youngme Moon to its board of directors and announced that after close to eight years, it is now profitable.
The funding, led by T. Rowe Price, is one of the Warby Parker's largest rounds to date, and will be put toward research and development efforts and technological enhancements.
"This round of financing enables us to accelerate investments in our future while building deeper relationships with long-term shareholders,” Co-Founder and Co-CEO Dave Gilboa said in a statement. “We’re excited to continue to focus on new technology and innovation, including the development of telemedicine services and other products and services that make it easier and more affordable for our customers to access high quality, stylish eyewear."
We don’t think retail’s dead. We think mediocre retail is dead."
This investment may signal a trend in the industry as a whole. It comes just days after Rent the Runway’s $20 million investment and weeks after Harry’s $112 million Series D. For years now, consumers have embraced the freedom and flexibility of choosing between shopping online and visiting their favorite brand’s brick-and-mortar locations.
“We don’t think retail’s dead. We think mediocre retail is dead,” Gilboa told PBS. “We’re finding these great synergies between having both online and offline experiences.”
To-date, the company has raised $290 million and has 1,400 employees and 65 brick-and-mortar stores across the country.
