Indonesia-based eyewear firm Saturdays has raised an undisclosed amount in its seed funding round, which was led by VC firms Alpha JWC and Kynesis Group.
Saturdays confirmed the capital raise with Tech in Asia, adding that Alto Partners also joined the round.
The company sells affordable eyewear, which is designed in-house and made out of premium materials like Italian acetate and ultra-lightweight Japanese titanium for consumers in Asia. Its services are available through an app as well as brick-and-mortar lifestyle stores.
Saturdays will use the new funds to strengthen its online presence, invest in technology, and add more offline locations, reported DealStreetAsia.
The eyewear firm currently operates eight stores in the Greater Jakarta Area and plans to expand to more Indonesian cities in the coming years as the country’s luxury eyewear market is poised to hit US$54 million by the end of 2021.
Saturdays said it is inspired by US-based unicorn Warby Parker and aims to disrupt the industry by crafting authentic eyewear that is pocket-friendly and making the process convenient for consumers.