UK early-stage VC Octopus Ventures has invested £1.355m into online contact lens business GetOptics to facilitate the merger of GetLenses and PostOptics to create the UK’s largest company of its type.
The new company has over 100,000 customers with pro forma sales of £6m. Growth is predicted to reach 33% for the year following the merger.
In the absence of traditional debt facilities, almost 45% of the £5m consideration of the acquisitions of GetLenses and PostOptics is deferred in place of conventional bank debt.
Octopus’ investment was provided by the Octopus Titan 1, 2 and 3 VCTs, Eureka EIS, and the Octopus Investor Group.