A Spanish low-cost e-commerce start-up, GreyHounders, has launched a financing round to raise €100,000 by the end of the summer to reinforce its presence in its home market and expand to Portugal by the end of the year. It plans to enter the Italian, French and German markets in 2020.
When it was created in 2018 with the support of a business incubator, Demium Startups, the company claimed that it wanted to make prescription glasses more accessible by offering frames and lenses priced from €79. More recent visits to the GreyHounders website reveal items at even lower prices. The website also sells sunglasses.
The business started with an initial investment of €15,000 and then obtained further financing of €40,000 through business angels. In its first year of existence, GreyHounders generated €55,000 in revenues.
The company is run by an Italian manager, Marta Frenna, who co-founded it with two Spaniards, Marco Resino and Juanjo Ruano. It currently has an office in Madrid as well as a showroom open to the general public.
Recently, another Spanish company, Project Lobster, raised €300,000, thanks to which it hopes to reach sales of €1 million this year by opening new stores, including one in Madrid. The company, which was also created last year by Oscar Valledor to sell prescription eyewear online from €98 a pair, currently has physical stores in Valencia and Barcelona.