(Press Release) New York, NY – Eponym, the eyewear licensing platform that partners with leading designers to create sunwear and optical lines, announces it has completed a $7 million Series A round of financing. Tenfore Holdings, Tribeca Venture Partners, RiverPark Ventures and WTI led the investment round.
The funding will help Eponym expand its staff by as much as 50 percent, accelerate marketing and retail operations from its existing partners, and build new technology and marketing to support new partner launches. The funding round caps off a year in which Eponym re-signed its first brand partner Steven Alan to a new 10-year contract and inked esteemed brands alice + olivia and Jason Wu to long term deals.
"This investment reaffirms that brands and consumers alike want eyewear to be more accessible," said CEO and Founder Andrew Lipovsky. "We believe this funding will help us solidify our place as the leader in digital-first licensing for brands."
Eponym's digital platform enables established brands, like Steven Alan, to design and distribute prescription eyewear and sunwear directly to their customers, under their own label, online and in their stores. The company provides an entirely turnkey solution, void of financial risk to each partner brand.
Eponym collaborates with each partner brand's design team to create a unique eyewear line. Once the collection is developed, the company engineers and hosts a custom-designed website to sell the eyewear, and builds technology to support in-store sales. It also handles all product fulfillment, customer service and CRM, and invests in advertising to help grow each partner brand's market share.