Investment Memo

Executive Summary

OKIO is a direct-to-consumer (DTC) optical chain headquartered in Panama, transforming vision care in Latin America by offering exclusive-design, premium-quality eyewear at accessible prices. The company controls the entire value chain --- from factory to store --- eliminating intermediaries and delivering a seamless, reliable shopping experience with in-house optometrists.

In 16 months of operation, OKIO has generated USD 610,000 in cumulative sales, served more than 3,800 unique customers, and processed over 5,000 orders across 4 physical stores in Panama. Its oldest customer cohort already shows a 33% return rate at month 14 — with the full retention curve still building. February 2026 was the best month in company history, with USD 60,296 in revenue and year-over-year growth of +541%. April 2026 projects ~$62,000, the new best month.

OKIO operates as an AI-native company --- AI holds executive roles (CTO, CMO), manages customer service, marketing, analytics, and content production, enabling a team of 3 to deliver the output of 15. This is not AI-assisted retail; AI is the operating system of the business.

The company is raising USD 280,000 in a seed round (R100K), of which USD 178,501 has already been committed and disbursed (64% of target). USD 101,499 remains available, with a closing target of May 2026, at preferred valuation.

1. The Problem: A Massive Unmet Need

70% of the population needs vision correction, yet nearly half of them do not wear glasses. The barriers consumers face are clear and consistent across the region:

• "Too expensive": traditional optical prices are prohibitive for much of the population. A complete pair of prescription lenses at competitors costs USD 250 or more on average.
• "Not practical": the buying process is cumbersome, slow, and opaque.
• "Too slow, too complicated": market delivery times are typically 7 to 14 days.
• "Nothing fits me well": frame selection at traditional opticians is limited and generic.

OKIO was built to solve exactly these barriers --- combining accessibility, speed, design, and trust.

2. The Solution: OKIO's Value Proposition

Differentiated Product: OKIO designs and manufactures its own products, going directly from factory to customer with no intermediaries. The collection is curated for a young, digital, fashion-conscious audience. Frames are named after European cities (Pigalle, Versailles) and compete with premium brands at a fraction of the price.

Convenient: Customer-centric model: no-questions-asked warranties, centralized multichannel service, and fast 48-hour delivery for single-vision products. Personalized advice from optometry and fashion experts.

Experiential: OKIO stores are modern and attractive, with optometry offices equipped with the latest technology (autorefractors, slit lamps, digital phoropters).

Accessible, Transparent Pricing: Three price points: USD 70 / USD 100 / USD 130 --- including frame, prescription lens, and anti-reflective coating --- versus USD 250+ at competitors. No hidden costs.

3. Business Model: Direct-to-Consumer

OKIO operates under a DTC model that eliminates the traditional layers of the optical supply chain:

This structure allows OKIO to deliver premium quality at a fair price, achieving the best value-for-money in the market. Result: a 73% gross margin (improved from 64% through data-driven materials standardization).

Sales Channels

• Retail (Physical Stores): 4 operating stores --- Plaza New York (Obarrio), Costa del Este (El Patio), Brisas Capital Mall, and Albrook Mall. Each store has a fully equipped optometry office.
• Corporate Channel: On-site vision health events. Clients include Global Bank, Morgan & Morgan, Panacredit, Felipe Motta, Sony, Prival Bank, Delta, TVN, Liberty Latin America.
• E-commerce: Full catalog at okio.la with online appointment scheduling and omnichannel WhatsApp service.

4. Market Opportunity

Panama (Initial Market)

OKIO aims to build 20 stores in Panama. With 20 mature stores averaging USD 375K in annual revenue, the target is USD 7.5M in annual sales --- capturing 5% of the total market.

Latin America (Expansion Horizon)

Target markets: Colombia (USD 500M), Peru (USD 295M), Chile (USD 493M), Central America, and the Caribbean. Same model, significantly larger markets. Total LATAM TAM: USD 25B annually for 115 million eyewear buyers.

5. Traction & Operating Metrics

Cumulative Results --- 16 Months of Operation

February 2026 --- Best Month in Company History

Stores are still in the early phase of their maturity curve. Projections show each store continuing to grow significantly through 36-48 months, with potential to reach USD 40K-60K monthly at full maturity.

Customer Satisfaction

OKIO holds a 4.6/5 rating on Verified Reviews with 191 verified reviews (ISO 20488 compliant). 82% of reviews are 5 stars; 90% are 4 or 5 stars.

Ad Spend Unit Economics (Jan -- Apr 2026)

Customer Lifetime Value Analysis

6. Unit Economics — Path to Profitability

6.1 Mature Store Model

*Current capex USD 90K. Format optimization targets USD 60K.

6.2 Store Maturation Cycle

OKIO stores follow a predictable maturation curve driven by new customer acquisition. Today, the majority of revenue in each store comes from first-time buyers — the market is barely being penetrated. As the installed base of customers grows, returning patients create a compounding revenue layer that transforms the unit economics.

Current store revenues are well below competitive benchmarks, confirming the early-cycle thesis:

Each store is still in the steep part of its growth curve. As penetration deepens and repeat customers accumulate, revenue per store converges toward — and can exceed — the benchmarks above.

6.3 Cohort Retention Analysis

The prescription eyewear business has a structural advantage: customers return on a predictable cycle driven by prescription changes, fashion updates, and lifestyle needs. OKIO's early cohort data already shows this dynamic building.

Warby Parker reports that 98% of customers return within 4 years, with returns distributed roughly evenly between years 2, 3, and 4. OKIO's oldest cohort (January 2025) is only 14 months old, yet already shows a 33% return rate — with orders deduplicated within 30-day windows to exclude split transactions. As more cohorts mature past the 12-month mark, this rate will compound.

6.4 Corporate Cost Optimization

OKIO's current corporate cost structure was built to support a 20-store network, meaning it is deliberately oversized for the current 4-store footprint. This creates a clear path to margin improvement through two levers: cost optimization and revenue growth.

Starting April 2026, OKIO is deploying AI-driven efficiency measures that reduce corporate overhead by an estimated USD 17,000 – USD 25,000 per month:

• Automated customer service via WhatsApp AI bot (replacing 1.5 FTEs)
• AI-generated visual content eliminating external photography costs
• Marketing automation reducing manual campaign management
• Data-driven inventory management reducing waste and stockouts

6.5 Path to Breakeven — H2 2026

Consolidated breakeven requires closing a ~USD 16,000/month gap between store-level profit and corporate overhead. Two parallel forces converge to close this gap:

7. Competitive Positioning

Traditional players in Panama (Optica Lopez, Optilux, Sosa y Arango) all operate in the same quadrant: entry tickets of USD 120+ and delivery times of 7-10 days. A commoditized market that has not innovated in decades.

How Global Leaders Differentiated

Warby Parker (USA) entered with a USD 95 ticket against a USD 500+ market. Result: NYSE-listed with USD 669M in revenue and 250+ stores. Lenskart (India) took an even more aggressive strategy: USD 30-130 tickets plus same-day delivery. Result: USD 4.7B valuation and 2,000+ stores. No equivalent exists in LATAM.

8. Competitive Advantage: AI-Native Operating Model

OKIO was not built and then enhanced with AI --- it was built as an AI-native company from inception. AI is not a tool at OKIO; it is the DNA of the organization. Claude (Anthropic) holds two executive roles --- CTO and CMO --- and manages technology, marketing, analytics, content, and customer automation. The result: a team of 3 delivers the output of 15. Six core capabilities were built with AI in approximately 4 weeks by one person (the CEO):

• Data Intelligence: BI system on Odoo 17 via API. Automated reports every Monday. Materials standardization raised gross margin from 64% to 73.3%.
• Marketing Automation: Full native Odoo migration. 6 flows, 49 emails, 28 WhatsApp templates. 33.1% open rate (vs. 15-25% industry). Savings: USD 500/month.
• SEO: Traffic grew from ~15 to 27,099 visitors/month (+18,000%). 18 optimized pages, 36 categories, 8 JSON-LD schemas.
• AI-Generated Visual Content: Product and lifestyle photography with Gemini + Claude. USD 0 variable cost vs. USD 2,000-5,000 per traditional shoot.
• Labor Optimization: 9 contracts analyzed and optimized. Total savings ~USD 2,000/month.
• Automated Visual Merchandising: Product placement driven by real inventory turnover data. Automatic weekly instructions per store.

Estimated savings: USD 27,500 -- 48,500, 3-5 months gained, 1-2 FTEs freed.

AI-Native Efficiency: Traditional vs. OKIO Cost Structure

The table below compares what a traditional retail company would spend on key functions versus what OKIO achieves through its AI-native operating model --- where AI is the operating system, not an add-on:

9. Vision & Growth Strategy

To become the fastest-growing and most profitable optical chain in Latin America --- delivering a unique experience at exceptional value.

The Future: Delivery in Under 3 Hours

OKIO is building a seamless integrated ecosystem: virtual try-on, appointment booking, in-store eye exams with cutting-edge technology, digital anthropometric system, instantly digitized prescriptions, integrated lab (order starts processing at payment), proprietary messaging, and 3-hour delivery.

Roadmap

• Stabilize Panama --- 4-wall breakeven already achieved per store. Corporate breakeven projected Q3 2026.
• Grow to 20 stores in Panama --- USD 150M TAM, 700K purchases/year. Target: 5% market share = USD 7.5M mature revenue.
• Regional expansion --- Colombia, Peru, Chile as next step. Same model, larger markets.

10. Team

Diego Marino --- Founder & CEO
Co-founder and co-CEO of Lentesplus.com. Over more than a decade as CEO, he led the company's growth and strategic direction, overseeing expansion to five countries and USD 25M in sales. He secured USD 33M in venture capital, facilitated two acquisitions. Wharton graduate.

Marcelo Albertal --- Creative Director
Over 40 years of global retail experience, working with Barnes & Noble, Kenneth Cole, LOTTE and BECO.

Board of Directors

• Raul Pascual --- Managing Partner, PQ Capital Partners. Purdue University.
• Guillermo Chapman --- Partner, Amador / Mutuus / Movet / CAPCA Investment. BCG, INDESA Capital.
• Adrian Gerbaud --- Partner, Amador / Yappy / Versata Capital. Deutsche Bank.

11. Social Responsibility

For every 5 pairs of lenses purchased by corporate employees, OKIO donates one pair to a child in a vulnerable situation. The team travels to the community, performs eye exams, identifies the best solution for each child, and delivers the appropriate lenses.

12. Capital Round

Use of Funds

100% of funds go toward operating and maturing existing stores to breakeven. The model is proven; this investment accelerates the outcome.

Why USD 100K Now --- Not USD 2M All at Once

The four stores and the corporate events channel already generate $17,000 per month in combined 4-wall profit. Corporate overhead has been reduced to $32,814 per month. The gap to consolidated breakeven is approximately $16,000 per month, closing on its own as stores mature. The model projects reaching breakeven in Q3 2026.

The $100,000 is not speculative capital: it is the surgical bridge between current operations and profitability. The Growth Round will launch in late 2026 after reaching corporate breakeven. This round funds profitability; the next one funds growth. Those who invest today do so at the lowest valuation OKIO will ever have.

13. Capital Structure & Expected Return

Note: Growth Round parameters are illustrative. Final terms to be defined by the Board.

Projected P&L --- Expansion Plan

Projected Return (MOIC)

14. Why Invest in OKIO

• Globally proven model: Lenskart (USD 4.7B), Warby Parker (USD 669M), Specsavers (GBP 4.2B). No equivalent in LATAM.
• Real traction: USD 610K in 16 months, +541% YoY, 6.9% repurchase, 4.6/5 satisfaction.
• Attractive unit economics: 73% gross margin, 14-18 month payback, USD 123K-155K store contribution.
• Proven team: CEO took Lentesplus to 5 countries, USD 25M sales, USD 33M VC raised.
• AI-native operating model: AI holds executive roles (CTO, CMO); a team of 3 delivers the output of 15. 4-store company with 20-store capabilities.
• Validated customer unit economics: LTV/CAC of 23.7x and ROAS of 22.6x on ad spend confirm the path to profitable, scalable growth.
• Enormous market: USD 150M TAM Panama, USD 25B LATAM.
• Unique entry: Only USD 101K at USD 1.5M pre-money. MOIC 8.9x-23.6x. Closes May 2026.
• Social responsibility: Donation program strengthens brand and partnerships.