It is rare for Morocco’s CDG Invest to invest in a startup that sells trendy eyeglasses. Even rarer to find a business of such nature, led by women, which has received funding from Africa’s teeming venture capital firms. But LNKO, the startup located at Africa’s largest shopping mall, Morocco Mall — off Boulevard de Biarittz, Casablanca — has defied the odds.
Founded just April last year by Maha and Malak Bennani, LNKO has received $335k from CDG Invest, the North Africa-based investor that invests in startups through its sponsored accelerator, 212Founders.
Although it has joined the growing league of startups that received funding from CDG Invest — including the likes of Freterium, the logistics startup that recently became, alongside Chari.ma, Morocco’s first startup to attend the prestigious Y Combinator accelerator program — LNKO founders stand out for many reasons, one of which is that having successfully founded and scaled the startup at the heart of the coronavirus pandemic, they appear unstoppable.
The startup which initially sought to sell contact lens on a subscription basis, was forced to pivot after their market research proved that the target market was not deep enough.
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“Before you begin, make sure you have the correct “product market fit” by conducting customer research and identifying a product that matches real customer need and has a relatively large market. Then, to make sure you’re on the right road, you’ll need to know how to put your vision into action and track your KPIs appropriately,” the founders were quick to point out.
And so, armed with overwhelming insights from the research, the founders set out on a journey of no return.
“We debuted in April 2020. e-commerce was exploding all over the world at the time, notably in Morocco, which was in the midst of a health crisis,” they said, adding that “As a result of the current economic scenario, we have been able to expand and improve our consumer acquisition through a web presence.”
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LNKO’s mission is simple: democratize the trendy eyewear by offering quality pairs at an affordable price — presently at 550 dirhams ($62)
“We offer protective and corrective glasses equipped with anti-blue light technology; as well as a wide range of sunglasses and fashion accessories,” the sisters said.
They termed their business model “phygital’’, meaning that LNKO digitizes access to glasses by relying on an intuitive and fast online shopping experience, ensuring unparalleled customer service; and relies on physical stand sales to stay as close as possible to its customers.
“LNKO’s vision is to support our digital generation in their connected lives by becoming the leader in trendy anti-blue light and solar glasses in the MENA region,” they said.
But the vision does not stop in the Middle East and North Africa (MENA) region as they had both pointed out that come the third phase of the startup’s expansion, they would be looking at attacking African markets with high growth potential such as Nigeria or Kenya.
“[But for now]…We intend to begin consolidating our position in Morocco by expanding our physical points of sale, beginning with major cities such as Casablanca, Rabat, and Marrakech. We have a plan in place to build technical tools as well as an aggressive recruitment strategy. Second, we intend to expand our online sales to MENA, beginning with the United Arab Emirates,” the founders said, of their immediate plans outside the 212Founders acceleration program.
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And speaking about their participation in the acceleration program and the subsequent investment by CDG Invest, the founders hinted that team is everything.
“The traction of the startup, the market size, and the revenue potential were the criteria sought by investors at the seed financing stage, from which we profited, but everything is predicated on the team and its ability to execute. It is hard to convince investors without a strong team and an urgent mission,” they said.
The founders also added that this is probably the best time in human history to start a business.
“Today information is easy to access and there are several online and world-class training courses to develop your skills. Everyone can therefore acquire the necessary skills. You have everything to get started,” they said.
However, while they are presently committed to building a sustainable business, they are not also oblivious of giving back to the society.
“Our ambition is to improve access to visual health in rural Morocco, through testing campaigns and by offering corrective glasses to children and adults. We also engage the brand in the promotion of female entrepreneurship and equal opportunities at work,” they said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer