Ver de Verdad, Mexico’s first optical retail chain that offers high-quality and affordable eyeglasses for all, completed a Series B round to expand its proven model across the nation. Auria Capital, Asenza Capital and Arzentia Capital, three Monterrey-based funds, participated in the round. The company was founded by Hugo Moreno in 2011 with the support of IGNIA Fund I. In four years, Ver de Verdad has performed over 210,000 eye exams and sold more than 150,000 eyeglasses at its 26 stores across four cities.
“By applying the industry’s state-of- the-art technologies and practices, Ver de Verdad has proven that it is possible to offer free eye exams and best in class products at affordable prices starting at MX$ 350 (~US$20). For the first time, the majority of Mexicans have the possibility not only to see well and but to do so in style,” said Hugo Moreno, CEO of the company. “With this new capital injection, Ver de Verdad will open 300 stores in 40 cities, so that by 2020, we will serve more than one million clients per year all over the country.”
“Ver de Verdad’s business model unlocks the huge repressed demand in the popular sectors of the population, where people have had to postpone updating their glasses or resign themselves to not seeing well,” stated Michael Chu, co-founder and managing director of IGNIA and chairman of the company. “More than 40% of our sales are to first-time users.” “We are delighted to join this initiative,” said a spokesperson for the new investors. “In addition to high growth and business success, Ver de Verdad is contributing to the quality of vision of all Mexicans.”