BonLook raises follow-on financing to expand to 50 stores in Canada by 2020

BonLook, the Montreal designer eyeglass retailer, announced they have raised follow-on financing from previous investor Walter Capital Partners.

What started as an online endeavor has quickly spread to 15 brick-and-mortar points of sale in Quebec and Ontario, with no signs of slowing down.

Propelled by an initial investment by Walter Capital Partners in 2016, the rapidly growing company now counts 195 employees and 15 stores, and sells its products online in 25 countries

“After being online exclusively for a few years, we saw that the clients were looking to touch the product and get more styling advice to find the right frame that fits their needs,” BonLook Co-Founder and President Sophie Boulanger told MTLinTECH. “To see if opening boutiques would be the right choice for us, we opened a small kiosk in downtown Montreal. Quickly, the sales and the experience were strong enough that we decided to expand to high traffic malls in Quebec and Ontario.”

“Our stores have more of a showroom and cozy feel compared to what you currently find in the optical market in Canada. We find that having opticians and stylists sitting and discussing with the client makes a real difference in our customer experience and helps them to find the right product for their needs.”

The new investment will allow BonLook to continue developing its omnichannel model for its optical business, including new store openings and an enhanced online platform for selling products internationally. The company hopes to expand its store network to around 50 points of sale in Canada by 2020.

“This second investment from Walter Capital will help us to pursue our goal to have 50 boutiques in Canada by 2020. Of course, one of our objective is always to provide a better customer experience online and at store level and the ongoing support from our investment team will definitively help us to achieve these goals. We are very happy to work with an experienced team that can give us feedback and suggestions on an ongoing basis.”

Walter Capital, which is headquartered in Montreal, will contribute its entrepreneurial approach and provide BonLook access to its extensive network of contacts. Assistance from the investment team has already enabled BonLook to accelerate the opening of new stores in Quebec and Ontario, and refine its online platform.

“We’re enthusiastic about continuing our collaboration with BonLook’s cofounders and their teams, building upon the outstanding working relationship we’ve developed together over the past year. Our partnership will pursue the rapid development of the BonLook brand, which is enjoying ever-greater recognition,” said Éric Phaneuf, Managing Partner of Walter Capital.

 “The financial backing from Walter Capital Partners, as well as the strategic advice and ongoing support from its teams, will enable us to achieve the objectives of our ambitious growth plan,” said Boulanger.

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