Ambit represented startup DOT Glasses in negotiating a venture capital investment of nearly CZK 27 million from several investors, including funds Nation 1 VC and Tilia Impact Ventures.
DOT Glasses was developing eyeglasses for people unable to access conventional vision care because of cost or location. The investment of nearly CZK 27 million from funds Nation 1 VC and Tilia Impact Ventures and a private Belgian investor was intended to accelerate the development of its partner and distribution network, support technological development and enable gradual team expansion. CzechCrunch reported on the funding on April 10, 2020.
Affordable eyeglasses for developing countries
Led by Philip Staehelin, the Czech startup was developing eyeglasses for people unable to access conventional vision care because of cost or location. Its solution combines frames that are easy to assemble and adjust with a limited set of prescription lenses. A single frame size can therefore fit almost anyone.
The model also includes a simple vision test and on-site assembly of the eyeglasses. The company intended to use existing distribution networks in developing countries and train local healthcare workers to fit the glasses to individual users.
Funding distribution and further development
A private Belgian investor joined the two funds in providing funding for further development. The investment took the form of a convertible loan.
The capital was intended to accelerate the development of a partner and distribution network in areas with limited access to eyeglasses, support technological development and enable gradual team expansion. Working with the investors was also expected to help bring in additional Czech and international partners.
