Healthcare Transaction Brief: Saviu Ventures sells its 22% stake in Lapaire Glasses to Creadev

Transaction Summary

Saviu Ventures announced the sale of its 22% stake in Lapaire Glasses Kenya Limited (Lapaire), a pan-African eyewear company, to Creadev, a global investment firm backed by the Mulliez family. Lapaire is an optical retail chain with over 80 stores across Francophone West Africa and East Africa. It provides affordable eyeglasses and free eye tests to low and middle-income consumers while leveraging a tech-enabled model for efficient customer acquisition and supply chain management. Saviu Ventures first invested in Lapaire in 2018 during an undisclosed pre-seed round, followed by a $200,000 seed round later that year and another undisclosed seed round in 2019 through its €10 million ($10.4 million) Saviu I fund. This fund, launched in 2018, is sector-agnostic and invests from seed to Series A stages in African early-stage startups, with a strong focus on Francophone Africa. The exit marks a significant return on investment for Saviu, achieving "several times" its initial investment. This acquisition represents Creadev's first investment in West Africa and is expected to further propel Lapaire's growth and market reach.

Terms

• Buyer: Creadev SAS
• Seller: Saviu Ventures Ltd
• Funds: Saviu I (Saviu Ventures Ltd)
• Target: Lapaire Glasses Kenya Limited
• Financing Type: Equity
• Investment Strategy: Growth Equity
• Financing Instrument: Ordinary shares
• Equity Stake: 22%

Transaction Rationale

Saviu Ventures exits its investment in Lapaire Glasses at an opportune time, capitalising on the company's robust growth trajectory, operational maturity, and increased investor interest to achieve favourable returns on its initial investment and strategic support. In 2024 alone, Lapaire added 31 branches, reaching 91 locations across seven countries, and conducted...

• Initial Investment: Saviu Ventures first invested in Lapaire in 2018 during a pre-seed round (undisclosed amount), followed by a $200,000 seed round later that year and another...
• Value Creation: Saviu helped Lapaire expand from a Kenyan startup to a pan-African player, using its Francophone market expertise to make the region its largest revenue driver. To align operations with its target market of low- and middle-income consumers, Saviu refined Lapaire’s sales model, shifting from B2B to...
• Exit Assessment: Saviu Ventures exited Lapaire at a point of strong market positioning and high growth potential, achieving a significant return on investment, reportedly “several times” its initial stake. This exit aligns with Saviu’s strategy of...

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