Out Of, the Italian-based sports eyewear start-up, has raised a total of €7.6 million from approximately 580 investors through a 30-day crowdfunding campaign on Mamacrowd earlier this autumn. According to Italian media, it was the largest ever crowdfunding campaign in Italy, close to the legal €8 million upper limit.
New investors in the company include Ferrari Family Investments, the family fund of the Ferrari heirs, and Azilut Eltif - Venture Capital AlIcrowd III, a leading Italian asset management company. It was the third financing operation for Out Of after the company raised a total of €3.8 million in previous rounds in 2020 and 2022.
The company said that the new funds will be invested in the development of its technologies – notably its proprietary electronic photochromic lenses – and the strengthening of its operations and teams. Its products are currently available at about 1,400 shops worldwide, up by 60 percent year-on-year, including both optical (55 percent) and sporting goods (45 percent) stores.
