Warby Parker raises $75 million in latest round of funding

Key Points
  • Eyeglass retailer Warby Parker raises $75 million as it embarks on having nearly 100 stores open by the end of the year.
  • This brings Warby Parker's total funding to date to nearly $300 million.
  • The company also says it will be profitable this year.
A Warby Parker store
Source: Warby Parker

Eyeglass retailer Warby Parker has raised $75 million in a Series E funding round, bringing its total funding to nearly $300 million.

The company also announced Wednesday that it expects to turn a profit this year, the first such achievement in its eight-year history.

CNBC had previously reported that Warby Parker was planning to open nearly 100 stores by the end of 2018, expanding beyond its burgeoning e-commerce business.

The Series E round was led by T. Rowe Price. Warby Parker said it plans to use the money for research and development and technology investments.

"We're working to build one of the world's most impactful brands, and we've always taken a long term view," said Neil Blumenthal, co-founder and co-CEO.

The company has also added Youngme Moon, a Harvard professor of business administration, to its board of directors. Moon currently serves on the boards of Unilever, Rakuten (which recently announced a major partnership with Walmart) and fast-growing salad chain Sweetgreen.

Other board members include Warby Parker's co-founders, investors and Mickey Drexler, the former CEO of J.Crew and Gap.

A source familiar with the company's financials has told Recode that Warby Parker's latest round of funding values the company at $1.75 billion.

Warby Parker declined to comment.