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Ben & Frank announced it has received a strategic investment from Latin American VC fund L Catterton, the largest global consumer-focused private equity firm.
This partnership is aimed towards Ben & Frank’s accelerated growth in Mexico and the rest of Latin America. The terms of this transaction were not been disclosed, but current investor DILA Capital also participated in the round.
In 2018 Ben & Frank had announced an equity round by the DILA Capital and Jaguar Ventures funds.
Ben & Frank was the first digital online eyewear store in Mexico. It was founded in 2015 by Mariana Castillo, who saw the opportunity to offer a digital sales channel to opticians who traditionally sold eyewear in stores.
The company has a great omnichannel and customer-centric model that offers an in-store shopping experience. Ben & Frank has achieved rapid and profitable growth within Mexico, followed by a recent online launch in Chile.
According to the 2021 Online Sales Report made by the Mexican Online Sales Association (AMVO), e-commerce in Mexico reached $316,000 million pesos in 2020, obtaining a growth of 81% compared to the previous year, and represents 9% of total retail sales.
L Catterton has significant experience investing globally in consumer retail brands. Current and past investments include FYidoctors, Owndays, Gentle Monster, and 98point6.
Other L Catterton Latin America investments include NotCo, Petlove, Despegar.com, OdontoCompany, FEMME, Cholula, Espaçolaser, Grupo MYT, St. Marche, Luigi Bosca, Susana Balbo Wines, Rapsodia and Bodytech.