The optical goods retail industry in Benelux consists of eyeglasses, contact lenses, and vision care products. Both local shops and large chain retailers cater to customers, often embracing digital transformation to enhance shopping experiences. E-commerce is gaining traction, especially with online eye-testing services and personalized eyewear options. The industry is increasingly focused on sustainability, cycling towards eco-friendly practices and innovative technologies that improve vision solutions. Factors such as an aging population and rising awareness of eye health are set to stimulate significant growth in the coming years, promising a brighter future for the sector.


The investors in this list reflect a mix of corporate entities, private equity firms, and venture capitalists, each playing a critical role in the optical goods retail space. Headquartered across Brussels, Amsterdam, Luxembourg, and other locations, these organizations vary in size and focus, ranging from 1 to over 5000 employees. Founded between 1917 and 2017, they collectively participated in numerous investments in 2024, showcasing significant engagement in the optical goods market, including noteworthy contributions from entities like Vendis Capital and CVC Capital Partners.


Top 14 Optical Goods Retail Investors in Benelux


1. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC also provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in significant transactions within the optical goods sector, such as providing grants to PhoneOptika and CREAL, and participating in a Series B funding round for NIL Technology ApS, a company specializing in advanced optical solutions. These transactions highlight the EIC's active role in supporting innovation in the optical goods industry, making it a relevant investor in this space.


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 leading investment firm specializing in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. Founded in 2005 and based in Luxembourg, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the optical goods retail sector, exemplified by their acquisition of Synsam Nordic A/S in 2014, which highlights their commitment to enhancing growth in the optical retail market. This acquisition, along with their diverse portfolio that includes investments in various retail sectors, positions CVC as a versatile investor with a keen interest in optical goods retail.


3. 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 firm specializes in providing investment and operational support to early-stage deep tech companies, particularly in the semiconductor and nanotechnology sectors. They leverage imec's expertise and infrastructure to help startups navigate their development and market challenges. Notably, imec.xpand has invested in Azalea Vision, which raised €8 million to develop smart contact lenses aimed at addressing light sensitivity and ocular disorders. Additionally, they have been involved with Swave Photonics, which has raised significant funding in multiple rounds, indicating their commitment to advancing optical technologies. Their investments reflect a strategic interest in the optical goods sector, particularly in innovative solutions that enhance vision care.


4. 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 participated in a Series B financing round for Allotex, which is developing technology aimed at treating refractive errors, indicating a direct interest in the optical goods sector. Additionally, Exor has been involved in various other transactions, including seed funding for startups in different industries, showcasing its broad investment strategy while still engaging in relevant sectors like optical health.


5. 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, providing funding and strategic guidance to startups in healthcare, life sciences, and advanced technology. Notably, M Ventures has participated in significant transactions such as the Series A and Series B funding rounds for Metalenz, a metasurface optics startup that is advancing high-performance 3D sensing solutions. This involvement highlights M Ventures' engagement in the optical technology space, particularly in applications that could impact consumer electronics and automotive industries. Additionally, M Ventures has invested in other innovative companies like PxE Holographic Imaging, further showcasing their commitment to supporting cutting-edge technologies that may intersect with optical goods.


6. 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 consumer businesses grow internationally and implement effective digitalization strategies. Vendis Capital focuses on collaboration with entrepreneurs to enhance market presence and achieve sustainable growth. Notably, Vendis Capital acquired eyes+more, a retailer in the optical goods sector, on October 28, 2010, marking a significant investment in the optical retail industry. Additionally, they have made investments in other consumer-focused businesses, such as Kamera Express, a retailer for photo and video equipment, and ZEB, further showcasing their commitment to consumer markets.


7. 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. It 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 within the optical goods sector, particularly with Morrow Optics, which raised substantial funding in multiple rounds, including $10,511,563 in July 2018 and $4,307,464 in November 2020. These investments highlight PMV's commitment to supporting innovation and growth in the optical goods retail industry, alongside its broader investment strategy.


8. 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. Recently, Quilvest has made notable investments in the optical goods retail sector, including a venture round for Lunettes Pour Tous, which focuses on affordable eyewear solutions. Additionally, they acquired a majority stake in Cabaïa, a French accessories brand, showcasing their broader interest in consumer goods. These transactions highlight Quilvest's commitment to investing in innovative retail concepts, including those in the optical goods market.


9. 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. Cipio Partners provides financial support and strategic guidance to help businesses scale and prepare for liquidity events. Notably, they have invested in MyOptique Group, a London-based online optical retailer, which raised significant funding for international expansion and acquisitions. This investment highlights Cipio's engagement in the optical goods retail sector, alongside their broader focus on technology and B2B firms. Additionally, they have participated in various funding rounds for other technology companies, demonstrating their diverse investment portfolio.


10. 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 a commitment to the optical goods sector. Additionally, Qbic has also invested in Swave Photonics, which has raised significant funding in recent years, further showcasing its engagement in the optics and photonics fields. These transactions highlight Qbic's relevance in the optical goods retail context.


11. 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 based in Luxembourg, founded in 2010. The firm specializes in supporting high-growth-potential European companies across various sectors, including business services, healthcare, and consumer goods. HLD provides investment management, operational development, and strategic consulting to help its 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 HLD's active involvement in the optical goods retail sector, showcasing their commitment to investing in companies that operate within this industry.


12. 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 has been involved in significant transactions, including the acquisition of Optegra UK Ltd, which operates a network of eye clinics, including Lexum in the Czech Republic. This acquisition highlights their engagement in the optical goods retail context, as it relates to eye care services. Additionally, they have made acquisitions in other sectors, such as Eurocell and Dummen Orange, showcasing their diverse investment portfolio.


13. 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 business value while promoting ESG initiatives. Among their notable transactions, Ergon Capital acquired 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, showcasing Ergon's commitment to the optical goods sector. This strategic investment reflects their capability to provide support and growth opportunities within the optical industry, alongside their broader investment strategy across various sectors.


14. Nimbus

  • Website: nimbus.com
  • Type: Private Equity
  • Headquarters: Zeist, Utrecht, Netherlands
  • Founded year: 1999
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: nimbus-hands-on-investors

Nimbus is a private equity investment firm based in Zeist, Utrecht, Netherlands, founded in 1999. The firm specializes in private equity investments, focusing on medium-sized businesses that require transformational change. Nimbus provides capital and hands-on support to enhance operational performance and drive growth. Their clients primarily include management teams from various industries, including manufacturing and technical trade, seeking strategic guidance and financial backing. Notably, Nimbus has invested in Easee, an Amsterdam-based online eye-test startup, which secured growth capital from Nimbus Ventures in July 2018. This investment aims to enable individuals to undergo fast and reliable eye tests without visiting an optician, showcasing Nimbus's engagement in the optical goods retail sector.



Optical Goods Retail Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
CvcLuxembourg1001-5000200516
imec.xpandLeuven, Flanders, Belgium1-1020175
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
M VenturesAmsterdam, North Holland, Netherlands11-50200918
Vendis CapitalMachelen, Flanders, Belgium11-5020093
PmvBrussels, Brussels, Belgium51-200200111
Quilvest Capital PartnersLuxembourg51-20019172
Cipio PartnersLuxembourg11-5020032
Qbic Fund | Venture CapitalGhent, Flanders, Belgium1-1020125
Groupe HLDLuxembourg11-5020100
H2 Equity PartnersAmsterdam, North Holland, Netherlands11-5019910
Ergon CapitalBrussels, Brussels, Belgium11-5020050
NimbusZeist, Utrecht, Netherlands11-5019993


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