Warby Parker announced that it has secured $100 million to further expand its brick-and-mortar presence. The announcement follows reports that the company was raising more money based on its valuation of $1.2 billion, more than double its $500 million valuation in 2013.
The new round of funding was led by T. Rowe Price, reported Business Insider. Prior to its new cash windfall, the company had raised $115.5 million since its founding in 2010.
The retailer currently owns 12 physical storefronts in nine cities, in addition to its online store. The funding will help Warby Parker grow its physical footprint to 20 stores.
Warby Parker's current business model revolves around customization, in which shoppers choose their glasses frames to be combined with prescription lenses. However, things are already shaking up. The retailer is investing in technology that would enable shoppers to conduct their own eye exams with "just their mobile phones," according to co-founder and co-CEO Dave Gilboa.
The retailer started as a platform exclusively intended for online solutions, but Warby Parker has since been opening physical showrooms to grow its market share. The retailer's runaway success has already been noted by the industry, earning it the No. 1 spot on Fast Company's list of the world's most innovative companies.
-See this Business Insider story
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