Ace & Tate, an Amsterdam, The Netherlands-based eyewear brand, raised €14.25m in funding.
The round, which brings total funding to €57.5m, was led by existing investor Rinkelberg Capital LTD.
The company intends to use the funds to invest in three critical areas of the business: retail expansion in new European markets, new technologies to advance the brand’s omnichannel model, and furthering current initiatives to become a more environmentally responsible company.
Led by CEO Mark de Lange, Ace & Tate is a direct-to-consumer eyewear brand for shoppers looking for more agile retail options to shop, try-on, and purchase frames. The company has grown 60% year on year for the past two years, having delivered its first operationally profitable months in 2019. Going forward, the brand expects to more than double its revenue in the next two years.
Ace & Tate is committed to opening 16 stores across Europe in 2020, bringing the total store count to 70, across 10 countries. Virtual services include styling and optician appointments available online.
In addition, customers in The Netherlands and Germany can renew their prescription via an online eye test. In the coming months, Ace & Tate’s Virtual Try-On service will see improvements with the integration of facial analysis, to provide personalized recommendations to customers, both online and in-store. Existing investors also include Global Founders Capital, as well as early investors Investion and various angel investors.