The spectacle lens manufacturing industry in Benelux involves the creation and innovation of optical lenses for eyewear. This sector is populated by companies that design, produce, or distribute lens technologies, ranging from prescription lenses to advanced coatings. Recent trends indicate a rising demand for digital and smart lenses, reflecting a shift towards personalized vision solutions. Integrating new materials and technology, manufacturers are enhancing user experience, tapping into the growing emphasis on both functionality and style in eyewear. This industry is poised for further growth, propelled by the increasing awareness of vision health and technological advancements.


The following investors represent a mix of private equity, venture capital, and corporate entities, each bringing unique strategies to the spectacle lens sector. Headquartered across Luxembourg, Belgium, and the Netherlands, these firms vary in size from small funds to larger firms with hundreds of employees. Established mostly between the late 20th and early 21st century, they have made an impressive number of deals in 2024, showcasing an active interest in the optical industry. Their involvement signifies opportunities for growth, innovation, and collaboration in the realm of spectacle lens manufacturing.


Top 13 Spectacle Lens Manufacturing Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, founded in 1958, that supports innovation and entrepreneurship across Europe. It offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation across different sectors. Notably, the EIC has been involved in transactions relevant to the spectacle lens manufacturing context, such as its investment in NIL Technology ApS, which raised $31 million to enhance its advanced optical solutions. This investment reflects the EIC's commitment to supporting companies that are innovating in optical technologies, which are integral to the spectacle lens manufacturing industry. Additionally, the EIC has provided grants to companies like Glassomer, which is involved in optical materials, further demonstrating its relevance to the sector.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has been involved in significant transactions within the optical sector, including the acquisition of Synsam Nordic A/S, an optical retailer, which highlights their engagement in the spectacle lens market. Additionally, their acquisition of Rayner Surgical Group, while primarily focused on surgical products, also aligns with the broader vision care industry. These transactions reflect CVC's strategic positioning in sectors related to eyewear and vision care.


3. M Ventures

  • Website: m-ventures.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 18
  • LinkedIn: merck-ventures

M Ventures is a venture capital fund based in Amsterdam, Netherlands, founded in 2009. The firm specializes in investing in transformative ideas within the biotechnology and technology sectors, particularly focusing on healthcare, life sciences, and advanced technology. M Ventures collaborates closely with entrepreneurs to drive innovation and growth in their portfolio companies. Notably, M Ventures has participated in significant transactions such as Metalenz, a metasurface optics startup that raised $30 million in Series B funding to enhance 3D sensing solutions, which could have implications for spectacle lens technology. Additionally, M Ventures has invested in other optics-related companies like PxE Holographic Imaging, indicating a strategic interest in advanced imaging technologies that may relate to spectacle lens manufacturing.


4. Pmv

  • Website: pmv.eu
  • Type: Venture Capital
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 2001
  • Headcount: 51-200
  • Number of deals in 2024: 11
  • LinkedIn: pmv-eu

Participatiemaatschappij Vlaanderen (PMV) is a public entity that acts as an investment company for the Flemish government, founded in 2001. PMV provides a range of financing solutions, including loans and co-financing, to startups, scale-ups, and established businesses across various sectors such as real estate, clean tech, and life sciences. Notably, PMV has been involved in significant transactions in the optics field, particularly with Morrow Optics, which raised multiple rounds of funding (including $10,511,563 in 2018 and $4,307,464 in 2020) to develop innovative optical solutions. This involvement highlights PMV's commitment to supporting advancements in the optics industry, including spectacle lens manufacturing.


5. imec.xpand

  • Website: imecxpand.com
  • Type: Venture Capital
  • Headquarters: Leuven, Flanders, Belgium
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: imec.xpand

imec.xpand is a venture capital fund based in Leuven, Flanders, Belgium, founded in 2017. The fund specializes in providing investment and operational support to early-stage deep tech companies, particularly in the semiconductor and nanotechnology sectors. With a focus on fostering innovation, imec.xpand leverages imec's expertise and infrastructure to help startups navigate their development and market challenges. Notably, imec.xpand led a €8 million Series A funding round for Azalea Vision, which is developing smart contact lenses for light sensitivity and ocular disorders. This investment highlights their engagement in the optics field. Additionally, they have participated in funding rounds for companies like MICLEDI Microdisplays, which is developing microLED displays for AR glasses, and Spectricity, which focuses on hyperspectral sensors. These transactions indicate imec.xpand's commitment to supporting innovative technologies that could intersect with the spectacle lens manufacturing industry.


6. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor Ventures has participated in significant transactions, including a $30 million Series B financing for Allotex, which is developing technology for treating refractive errors, directly relevant to the spectacle lens manufacturing industry. Additionally, Exor has been involved in funding rounds for companies like Earlens and DustPhotonics, showcasing its active role in innovative technology sectors, although these are not directly related to spectacle lenses. Overall, Exor's investment in Allotex highlights its potential relevance to the spectacle lens manufacturing sector.


7. Qbic Fund | Venture Capital

  • Website: qbic.be
  • Type: Venture Capital
  • Headquarters: Ghent, Flanders, Belgium
  • Founded year: 2012
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: qbic

Qbic Fund | Venture Capital is a venture capital fund based in Ghent, Flanders, Belgium, founded in 2012. The fund specializes in seed and early-stage investments in innovative companies across various sectors, with a focus on creating impact by transforming technological breakthroughs into sustainable businesses. Qbic supports its portfolio companies throughout their growth, particularly in sectors such as biotechnology and technology. Notably, Qbic has invested in Morrow Optics, which raised funds in both 2016 and 2022, indicating their commitment to the optics field. Additionally, they participated in funding rounds for EyeD Pharma, a company developing ophthalmic products, which, while primarily pharmaceutical, aligns with the broader eye care industry. This diverse investment strategy showcases Qbic's interest in sectors that intersect with spectacle lens manufacturing.


8. Cipio Partners

  • Website: cipiopartners.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cipio-partners

Cipio Partners is a venture capital firm based in Luxembourg, founded in 2003. The firm specializes in European growth capital and minority buyouts, primarily targeting technology companies with proven business models and significant revenue. Their investment strategy includes providing financial support and strategic guidance to help businesses scale and prepare for liquidity events. Notably, Cipio Partners has participated in funding rounds for MyOptique Group, a London-based online optical retailer, which raised significant capital for international expansion and acquisitions. This involvement highlights their connection to the spectacle lens manufacturing industry. Additionally, they have invested in MicroOLED, a company focused on developing OLED solutions, which may have applications in optical technologies. These transactions demonstrate Cipio Partners' engagement in sectors that intersect with spectacle lens manufacturing, reinforcing their relevance in this category.


9. H2 Equity Partners

  • Website: h2ep.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 11-50
  • LinkedIn: h2-equity-partners

H2 Equity Partners is a private equity investment firm based in Amsterdam, Netherlands, founded in 1991. The firm specializes in private equity investments in mid-sized companies across various sectors, providing hands-on support and consulting services to help management teams achieve growth and operational improvements. Notably, H2 Equity Partners acquired Optegra UK Ltd, which includes a network of eye clinics, indicating their involvement in the eye care sector. This acquisition aligns with the spectacle lens manufacturing industry, as eye clinics often provide services related to vision correction and may influence demand for spectacle lenses. Other transactions by H2 Equity Partners include acquisitions in diverse sectors such as lighting and orthopedics, showcasing their broad investment strategy while maintaining a potential interest in the eye care market.


10. Quilvest Capital Partners


Quilvest Capital Partners is an investment management firm based in Luxembourg, specializing in private equity, real estate, and private credit. Founded in 1917, the firm manages over $7 billion in assets and serves a diverse clientele, including institutions and family offices, by providing tailored investment strategies to meet their financial objectives. Notably, Quilvest has been involved in transactions relevant to the spectacle lens manufacturing industry, such as their investment in Lunettes Pour Tous, which raised funds in 2024 and operates within the eyewear market. Additionally, their acquisition of Acrotec group in 2012 may also relate to the optical sector, further emphasizing their engagement in industries connected to spectacle lenses. Their investment activities reflect a commitment to sectors that include eyewear and potentially spectacle lens manufacturing.


11. Ergon Capital


Ergon Capital is a private equity firm based in Brussels, Belgium, founded in 2005. The firm specializes in investment management and sustainability consulting, partnering with families, entrepreneurs, and management teams to enhance the value of their businesses while promoting ESG initiatives. One of their notable transactions includes the acquisition of a majority stake in Indo Optical on June 21, 2018. Indo Optical is recognized as a leading producer of ophthalmic lenses and a major distributor of optical and ophthalmologic equipment, highlighting Ergon Capital's commitment to the spectacle lens manufacturing sector. Through strategic support to their portfolio companies, Ergon Capital aims to foster positive societal impact while navigating various industries, including optics.


12. Groupe HLD

  • Website: groupehld.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: groupe-hld

Groupe HLD is a private equity firm founded in 2010 and based in Luxembourg, specializing in supporting high-growth-potential European companies across various sectors, including business services, healthcare, and consumer goods. They provide investment management, operational development, and strategic consulting to help their portfolio companies thrive in competitive markets. Notably, HLD is in exclusive talks to acquire a majority stake in Jimmy Fairly, a French eyewear brand, which aims to enhance the brand's development and expand its European presence. This transaction highlights their interest in the eyewear sector, which is relevant to spectacle lens manufacturing. Additionally, they acquired Exxelia Group in 2020, although this company operates in a different industry. Their investment in Fillmed Laboratoires in 2011 further showcases their diverse portfolio, but it does not directly relate to spectacle lenses.


13. Vendis Capital

  • Website: vendiscapital.com
  • Type: Private Equity
  • Headquarters: Machelen, Flanders, Belgium
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: vendis-capital

Vendis Capital is a private equity investment firm based in Machelen, Flanders, Belgium, founded in 2009. The firm specializes in consumer scale-ups, providing capital and strategic support to help businesses grow internationally and implement effective digitalization strategies. Vendis Capital focuses on collaboration with entrepreneurs to enhance market presence and achieve sustainable growth. Notably, they acquired eyes+more on October 28, 2010, which is a company involved in the optical retail sector, including the sale of spectacle lenses. This acquisition highlights Vendis Capital's engagement in the spectacle lens manufacturing context, showcasing their capability to support businesses within this industry.



Spectacle Lens Manufacturing Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
CvcLuxembourg1001-5000200516
M VenturesAmsterdam, North Holland, Netherlands11-50200918
PmvBrussels, Brussels, Belgium51-200200111
imec.xpandLeuven, Flanders, Belgium1-1020175
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
Cipio PartnersLuxembourg11-5020032
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
Quilvest Capital PartnersLuxembourg51-20019172
Ergon CapitalBrussels, Brussels, Belgium11-5020050
Groupe HLDLuxembourg11-5020100
Vendis CapitalMachelen, Flanders, Belgium11-5020093


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