Saviu Ventures, a venture capital firm focused on Francophone Africa, has announced the sale of its entire stake in Lapaire, a pan-African eyewear company, to Creadev, a global investment firm backed by the family behind retail giants like Auchan and Decathlon. The exit marks a significant return on investment for Saviu, which stated it achieved “several times” its initial investment.
Saviu first invested in Lapaire in 2018, participating in subsequent funding rounds and ultimately holding a 22% stake. The firm played a key role in supporting Lapaire’s expansion from its initial base in Kenya into Francophone West Africa, now the company’s primary revenue driver. Saviu provided support with business development, recruitment, and fundraising, including the introduction of Louis Gascoin as co-founder and COO, alongside founder and CEO Jérôme Lapaire.
Lapaire addresses the significant need for affordable eye care in Africa, where the World Health Organization estimates that 80% of visually impaired people lack access to proper care. The company offers free eye tests and affordable eyeglasses starting at $30, with flexible payment plans designed for low- and middle-income populations. A significant portion of Lapaire’s customer base, around 70%, are first-time eyeglass wearers. The company also utilizes technology to streamline operations, from customer acquisition to supply chain management.
Since Saviu’s initial investment, Lapaire has expanded from three branches in East Africa to nearly 90 across six countries, including Ivory Coast, Mali, Burkina Faso, Benin, Togo, and Uganda. It has conducted over 500,000 eye tests and employs more than 400 professionals. The company has raised over $7 million in equity and debt from investors including AfricInvest, Proparco, I&P, AAIC, and Beyond Capital.
The acquisition by Creadev is expected to propel Lapaire’s growth further. Creadev, with its extensive experience in the retail sector, will provide Lapaire with resources and connections to expand its operations within existing markets and enter new territories like Senegal, the Democratic Republic of Congo, and Tanzania. This partnership aims to solidify Lapaire’s position as a leading tech-enabled eyewear provider in Africa.
“Our journey with Lapaire has been exceptional,” said Benoît Delestre, Managing Partner at Saviu Ventures. “Supporting their growth from a small Kenyan startup to a pan-African leader has been incredibly rewarding.” He expressed confidence that Lapaire would achieve even greater success with Creadev’s support.
Jérôme Lapaire, CEO and Co-Founder of Lapaire, acknowledged Saviu’s crucial role in the company’s development. “This partnership has been instrumental,” he commented, highlighting Saviu’s support in establishing Lapaire’s presence in Francophone West Africa, connecting them with investors, and advising on strategy and governance.
For Creadev, the investment aligns with its focus on supporting businesses that provide access to essential goods and services. “Lapaire’s success reflects the considerable need for affordable prescription glasses across the continent,” stated Pierre Fauvet, Managing Director of Creadev Africa.
Saviu Ventures is currently raising its second fund, Saviu II, targeting a final close between €30 million and €50 million. The firm focuses on early-stage investments in tech and tech-enabled companies across various sectors in Francophone Africa.