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Ben & Frank Challenges Eyewear Shopping Norms in Mexico

6 September 2018
Ben & Frank
Company: Ben & Frank
Investors: DILA Capital, Jaguar Ventures, and Various Angel Investors
Interview with:  Mariana Castillo, Co-founder and Co-CEO

LAVCA sat down with Ben & Frank co-founder & co-CEO Mariana Castillo in Mexico City to hear how she is building an accessibly priced direct-to-consumer eyewear brand. For more about our discussions with Mexican entrepreneurs, read Mexican Transport Hits the Gas with Emerging Players eConduce, Urbvan and LiftIt. 

Having experienced online access to reasonably priced glasses in other markets, like the US, Maria Castillo recognized the gap in affordable and quality eyewear in Mexico.

Can we build a direct-to-consumer eyewear brand that would appeal to Mexicans at an affordable price point and high bar for quality?

The result is Mexico-based Ben & Frank where Castillo is one of three co-founders and also serves as co-CEO with co-founder Eduardo Paulsen.

Castillo says initial challenges with adoption in Mexico included the obvious: People want to try on glasses before a purchase. They piloted a home try-on program in the Distrito Federal, and then nationally.  Another challenge: Not everyone knows their complete eye prescription. In response, Ben & Frank launched a network of eye doctors to provide low-cost exams for clients, and picks up the cost.

The company recently launched a partnership with Opternative aimed at solving both problems; Opternative allows Ben & Frank clients to conduct their own digital eye exam from their device at home. “Know what you’re good at,” Castillo says.

Ben & Frank is also making an effort to bridge the payment gap in Mexico, and Castillo says about 20% of online sales are paid through alternative/offline channels, including bank deposits and cash payments at convenience stores.

Ben & Frank has physical stores in Monterrey and Guadalajara, and ships its product nationally with plans to expand within Latin America and to Spain in the coming year. The company has 90 full-time employees in Mexico, and has achieved gender parity among its workforce. Castillo sites the company’s good maternity/paternity policy.

Ben & Frank raised an undisclosed round of capital from DILA Capital and Jaguar Ventures in 2018, with the participation of previous angel investors.

Ben & Frank Challenges Eyewear Shopping Norms in Mexico was last modified: December 4th, 2019 by Editor
Ben & FrankDila CapitalJaguiar VenturesMexico
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Methodology

LAVCA’s fourth annual list of Emerging Women Investors in Latin American Tech includes 135 junior- and mid-level investment professionals from Latin America-based firms, as well as from global firms with Latin America-dedicated investment teams.

Every year since 2016, LAVCA solicits nominations of top women investors in tech from the investment community. In 2018, complementing the peer nomination process, LAVCA reviewed the investment teams of all active Latin American VC funds. Our inaugural list of  Emerging Women Investors in Latin American Tech had 47 investors. The list has been constantly growing – from 87 investors featured in 2019, to 97 in 2020, and to 116 in 2021.

NOMINATE AN INVESTOR

This list is not exhaustive; if you know of a junior- or mid-level investment professional working on Latin American tech deals who should be on this list, contact [email protected]

TOP WOMEN INVESTING IN LATIN AMERICAN TECH

LAVCA’s companion list of Top Women Investors in Latin American Tech includes 140 senior-level women investment professionals who are deploying capital in early and growth stage tech deals.

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

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