Japanese public broadcaster NHK reported on August 2 that Innovation Network Corporation of Japan (INCJ), the Japanese state-run startup fund, will invest 900 million yen ($9 million) in Japanese eyeglasses-focused vertical e-commerce startup Oh My Glasses. This is part of the government’s aim to promote the optical industry in Sabae City, which has for centuries been a major supplier of eyeglasses.
Since its start in 2011, Oh My Glasses has been providing an eyeglass e-commerce service that offers five sets of eyeglasses at a time upon order, and buy one if you can find any favorite among them. So customers can try them on before buying.
Oh My Glasses procures most of its products from suppliers in Sabae. Companies in Sabae expertly handcraft eyeglasses to very high standards, but they need to streamline production to compete against cheaper eyeglasses from China and Korea.
Oh My Glasses plans to use the funding to help factories in Sabae rationalize their business operations by developing systems for better inventory management and for sales updates/reports being regularly provided to local opticians and factories.