In a significant move to enhance optical care across Africa, Proparco and AfricInvest have jointly approved a €2.95 million ($3.2M) investment in Lapaire Glasses SA. This funding comprises a €2.5 million contribution from AfricInvest and €450,000 from Proparco, facilitated through the Bridge by Digital Africa initiative. The investment is aimed at expanding Lapaire’s network of corrective eyewear sales, targeting low- and middle-income populations in West and East Africa, including countries such as Côte d’Ivoire, Benin, Togo, Burkina Faso, Mali, and Uganda.
According to the World Health Organization, an estimated 80% of individuals suffering from visual impairments in Africa do not receive adequate care. This investment will enable Lapaire to enhance its presence in existing markets while facilitating entry into new ones, including Senegal, the Democratic Republic of Congo, and Tanzania. The funding will also improve Lapaire’s distribution network, ensuring broader access to essential optical care.
Founded in 2018 in Kenya by Jérôme Lapaire, the company is committed to offering high-quality optical correction devices at competitive prices. Lapaire operates over 80 retail outlets where it provides free eye tests, allowing customers to obtain accurate prescriptions for corrective lenses. By implementing a reasonable pricing strategy and offering installment payment plans, Lapaire has made vision care accessible to its target populations, with 70% of its customers purchasing corrective eyewear for the first time at Lapaire.
Jérôme Lapaire, CEO of the company, emphasized the importance of this investment, stating, “The financial and technical support from Proparco and AfricInvest is crucial for continuing to develop our optical care network across the continent and achieving our goal of improving one million lives by 2026.”
Sadio Dicko, Regional Director of Proparco, expressed support for Lapaire’s mission, noting, “Proparco is pleased to support a committed player like Lapaire, whose operations facilitate better access to optical care for populations that often lack the means. With its policy of affordable pricing and free eye tests, Lapaire aims to create a positive impact, enabling a broad segment of the population to access quality care.”
Faisal Jiwa, Senior Partner at AfricInvest, added, “AfricInvest is proud to support Lapaire through the Transform Health Fund, contributing to making optical care more accessible for low-income populations across an increasing number of African countries.”
This latest investment follows a previous funding round in January, where Lapaire secured $3 million to bolster its growth. Led by Investisseurs & Partenaires (I&P), the equity round saw contributions from AAIC, FINCA Ventures, and Beyond Capital, with advisory support from CrossBoundary via USAID’s Africa Trade and Investment activity.
A Look at Lapaire
Jérôme Lapaire, a Swiss national who moved to Kenya in 2015, founded Lapaire in 2018 with the vision of making affordable eyewear accessible to all. The company operates with a direct-to-manufacturer model, effectively bypassing middlemen and exerting control over pricing. This approach enables Lapaire to offer eyewear that is up to 80% more affordable than market alternatives.
With 58 eye care centers currently operational, Lapaire has tested the eyesight of over 300,000 individuals and employs around 350 staff members. The company plans to expand its operations significantly, targeting the establishment of 300 additional eye care centers within the next two years, including 80 new locations by 2024. This ambitious growth plan underscores Lapaire’s confidence in its scalable business model and its commitment to positively impacting the lives of one million people across Africa by 2026.
The backing from Proparco and AfricInvest marks a pivotal moment in Lapaire’s journey, positioning the company to play a vital role in addressing the critical healthcare needs of millions of individuals on the continent.