Saviu Ventures exits African eyewear company
Saviu Ventures has fully exited its equity investment in Lapaire, a pan-African eyewear company, to new strategic investor Creadev.
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Saviu Ventures, a venture capital firm in Francophone Africa, has fully exited its equity investment in Lapaire, a pan-African eyewear company, to new strategic investor Creadev.
Saviu initially invested in Lapaire in 2018 and participated in two follow-on funding rounds over the years to support the company’s growth, ultimately securing a 22% stake. With this exit, Saviu Ventures returned several times the investment cost to its own investors.
Saviu Ventures is currently fundraising its second fund, Saviu II, the successor fund of Saviu I (invested between 2018 and 2022). Saviu II recently reached a first close with institutional investors at €25 million and is targeting a final close at €30-50 million within 2025.
Founded in 2018, Lapaire seeks to revolutionise access to eye care across Africa, where the World Health Organisation estimates that 80% of visually impaired people do not receive proper care. Lapaire addresses this gap by offering free eye tests and providing affordable, stylish eyeglasses starting at $30, with flexible installment payment options tailored for low- and middle-income populations, many of whom lack health insurance. Notably, 70% of Lapaire’s customers are purchasing their first pair of glasses. The company also leverages technology to optimise its operations from customer acquisition to inventory and supply chain management.
When Saviu Ventures first invested in 2018, Lapaire was operating solely in Kenya, with a few branches. Saviu was the first investor and played a pivotal role in supporting Lapaire’s expansion into Francophone West Africa, particularly with business development, recruitment and fundraising. This region, where the demand for affordable eye care solutions is significant, now accounts for the majority of the company’s revenue. Initially founded by Jérôme Lapaire (CEO), the company’s leadership was bolstered when Saviu Ventures introduced Louis Gascoin (COO) as co-founder. His extensive experience in Francophone Africa’s retail sector brought valuable expertise, driving Lapaire’s accelerated growth.
With Saviu’s continued support, Lapaire has grown from just three branches in East Africa to nearly 90 optical branches across six African countries (Côte d'Ivoire, Mali, Burkina Faso, Benin, Togo, and Uganda). To date, Lapaire has tested the eyesight of over 500,000 people and employs more than 400 professionals, including opticians, optometrists, and ophthalmic clinical officers. The company has raised over $7 million in equity and debt from prominent investors such as AfricInvest, Proparco, I&P, AAIC, and Beyond Capital.
Jérôme Lapaire, CEO and co-founder of Lapaire, said: “We are deeply grateful for Saviu Ventures’ unwavering support and strategic guidance throughout every stage of our journey, from product-market fit to scaling. This partnership has been instrumental not only in establishing our presence in Francophone West Africa, connecting us with potential investors and advising us on key aspects of strategy and governance and helping us during the hard times. As we welcome Creadev as our new partner, we are excited to intensify our efforts and move closer to our objective of improving one million lives by 2026.”
Benoît Delestre, managing partner at Saviu Ventures, commented: “Our journey with Lapaire over the past six years has been exceptional. Supporting the company’s growth from a small Kenyan-based startup to a pan-African leader in eye care with strong roots in Francophone Africa has been incredibly rewarding. With Creadev’s expertise, we are confident that Lapaire will reach even greater heights. This exit underscores our commitment to fostering impactful, scalable businesses in Africa.”
Pierre Fauvet, managing director of Creadev Africa, added: “Lapaire’s success is a reflection of the considerable need for affordable prescription glasses across the continent, which resonates well with Creadev’s mandate in Africa to support essential goods and services for the many.”
* Read How we made it in Africa’s interview with Jérôme Lapaire: Entrepreneur capitalises on Africa's demand for affordable eyeglasses
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