Warby Parker Joins Billion-Dollar Valuation Club After Latest $100 Million Funding Round The glasses maker plans to use the cash to fund expansion of its fleet of physical storefronts.

By Geoff Weiss

Opinions expressed by Entrepreneur contributors are their own.

Warby Parker is seeing dollar signs. The five-year-old startup just closed a $100 million funding round -- its Series D -- in a deal that values the glasses maker at $1.2 billion.

The company plans to use the money to expand its fleet of retail stores from a total of 12 to 20 by year's end, according to The Wall Street Journal, which first reported the funding round. After opening its first storefront to complement its ecommerce business in 2013, physical retail now accounts for half of the company's 500 employees.

Dave Gilboa, Warby's co-founder and co-chief executive, also told the Journal that the company is investing in new technology that could provide eye exams on mobile phones.

Related: Navdy, the 'Google Glass for Your Car,' Raises $20 Million

The funding round was led by T. Rowe Price and also included Wellington Management, alongside previous investors Tiger Global and General Catalyst.

Warby Parker is not profitable, Gilboa said, but annual sales are on the upswing. "There is no rush to go public," he added. "We have a very healthy balance sheet at this point that gives us a lot of flexibility."

The latest round catapults Warby Parker into the billion-dollar valuation club, making it one of a handful of venture-backed online retail startups to cross that threshold, according to the Journal -- second only in value to the $3.1 billion sports merchandise site Fanatics.

Related: Do Good or Make Money? Why It's Not Even a Question.

Geoff Weiss

Former Staff Writer

Geoff Weiss is a former staff writer at Entrepreneur.com.

Editor's Pick

Related Topics

Business Plans

She Wrote An 'Escape Plan' to Quit Her Job and Move to an Island. Now She's There Generating Nearly $300,000 A Year

"My detailed, step-by-step plan on how I would quit my job and move to a Caribbean island."

Social Media

5 Tips to Grow Your X Followers From 0 to 10,000

I grew from zero to 12,000 followers on X.com in less than a year. Discover how you can do the same.

Business News

'It's Time': Mark Cuban Is Leaving 'Shark Tank'

The billionaire shared the news on the "All the Smoke" podcast.

Business Plans

How You Can Use the 80/20 Rule to Unlock Success and Maximize Your Impact

Our success is determined by where we focus our efforts.