Telemedicine startup Smart Vision has secured a new 200.000 EUR investment from European angel investors that was immediately backed up by another 400.000 EUR investment from VC fund Open Circle Capital. This totals in 2.4 million EUR of investments this year.
In January of 2021, Smart Vision CEO Arūnas Vismantas already announced a 1.8 million EUR investment from VC fund Open Circle Capital.
“As we are gaining growth momentum, our hunt for investors grows too. We have fine-tuned all the processes, streamlined, and improved the customer experience. Conversion rates are steadily growing and we are on the solid path to even faster growth” says Arūnas Vismantas, the founder and CEO of Smart Vision.
This year, Smart Vision plans to launch an additional capital raising campaign on a crowdfunding platform Crowdcube.
“While dealing with investors we realized that an additional approach with crowdfunding will raise the awareness of our biz and will allow us to raise additional 2 million EUR of funding. This will send a positive message to the European investment market. We are finalizing the details of the campaign”, says the CEO of Smart Vision.
Arūnas believes Crowdcube will be a catalyst to attract another 5-10 million EUR in the coming years, opening totally new growth opportunities in Western Europe. The startup founder and the team are looking forward to increase the valuation of Smart Vision from 10 million up to 50-60 million EUR.
The Smart Vision B2B platform transforms the traditional brick-and-mortar optics and eyewear shops into a multi-channel digital B2B business that globally connects manufacturers of quality frames and lenses, opticians, optometrists, and the consumer. The platform automates all the processes, helps avoid all the intermediaries, and enables the final product to be delivered faster and cheaper.
In the Smart Vision B2C platform (www.smartvision.lt), the user can have a virtual try-on of the glasses online, using only the computer or the phone camera. Consumers can order a home try-on service of up to 4 frames for free. The company also offers 100% free remote eye check, plus – frames and lenses are delivered directly from the manufacturers, without intermediaries.
“We automated all the usual work of people in traditional optics, thus returning the added value and profit margins to the final consumer. Smart Vision works only with approved partners and our entire product is “100% Made In EU”, says Arūnas Vismantas.
The company’s developed algorithms control the entire manufacturing process online, from order placement, until the final delivery. The manufacturing laboratories are automatically selected depending on the consumers’ geographical location. This speeds up the production of glasses several times and enables global delivery of the final product directly to the customer at home.
In 2020 the value of the global eyewear market reached 140 billion USD. Analysts predict that market growth will be so high, reaching 215 billion USD in 2025. Today, only 5% of glasses are sold online in Europe, but this segment is projected to grow extremely fast, in some markets up to 50% annually.