What Happened to Pair Eyewear After Shark Tank Pitch?
What is Pair Eyewear?
Pair Eyewear is an online retailer of eyeglass frames for adults and children.
The company, formed in 2017 by two Stanford grads, is fresh to the eyeglasses business.
Who Founded Pair Eyewear?
Nathan Kondamuri and Sophia Edelstein established Pair Eyewear.
When they were both undergraduates at Stanford University, they founded Pair Eyewear.
Nathan has held the position of Chief Executive Officer of Copernican Solutions, LLC.
Through Stanford’s consulting section, he supported student-run firms.
In addition, as part of the Operations Management Leadership Program, he interned at GE.
He supported MIT’s creative students with research and presentation abilities.
Sophia used to be an analyst at Goldman Sachs.
As a summer analyst, I interned in business development at TeachAIDS, Stanford University, and J. P. Morgan.
They saw that children’s glasses are outrageously expensive and wanted to cause some disruption in the industry.
Following a survey of hundreds of families, they determined that parents prefer a more cheap option, while youngsters prefer interchangeable spectacles.
Pair Eyewear was founded in early 2017 by Nathan and Sophia, together with an ex-Warby Parker product manager.
The entry-level frames for children and adults from Pair Eyewear start at $60. This pricing includes regular prescription lenses that are scratch and glare resistant.
They’re unlikely to get eyeglasses unless they additionally buy a top frame or two. Top frames start at $25 and go up to $30 for a limited-edition partnership with the NHL or Marvel.
Pair Eyewear donates one pair of glasses to The Eyelliance, a non-profit organization committed to supplying eyeglasses to children in disadvantaged nations, for every pair sold.
So far, they have raised $1.15 million in venture capital.
In response to Pair Eyewear’s success, Warby Parker has began making children’s spectacles, and they will need to quickly gain market share.
What Happened to Pair Eyewear at the Shark Tank Pitch?
Pair Eyewear is looking for a strategic partner willing to invest $400,000 in exchange for a 10% share in the company, implying a $4 million valuation.
The Sharks like them as entrepreneurs, their market research, and the fact that their product has a 70% profit margin, but they are concerned that they only have $100,000 in sales to promote the proof of concept.
They are also concerned about the current investor base of the organization.
They’ve been utilizing the money they’ve obtained from investors to pay for product development, legal concerns, and operational expenses.
Overwhelmed with sales and competition, the bulk of Sharks begin to withdraw once they comprehend the whole financial picture in conjunction with their previous sales data.
Lori Greiner and Katrina Lake, on the other hand, see the big picture and the market potential.
They were overjoyed at the prospect of Pair Eyewear. Katrina and Lori worked with Sophia and Nathan to achieve an arrangement.
They offer $400,000 in exchange for 10% ownership in their company, but they will also get a $1.50 royalty until their investment is returned. Nathan and Sophia were overjoyed to be working with such great Sharks.
What Happened to Pair Eyewear After Shark Tank Pitch?
Lori and Katrina’s contract never got finished. The country has been on lockdown due to the Covid-19 outbreak since the episode aired in early March 2020.
Since then, the company’s products have grown with the inclusion of the Future is Bright and Hearts of Hope collections.
The net proceeds from these two collections will be used to provide food and books to children who have been affected by COVID-19.
In response to Warby Parker, Pair now sells adult glasses.
In April 2021, they raised $12 million in Series A funding. They also received licenses from Sesame Street, Harry Potter, Marvel, and the NBA.
They have $9 million in annual revenue as of July 2021.
The company said that it will install kiosks within the Hy-Vee Supermarkets network in September 2021.
According to a Hy-Vee news release, this will allow them to “provide a hybrid shopping experience for Hy-Vee consumers, allowing them to try on eyeglass frames in stores and place prescription and non-prescription orders online through the in-store kiosk.”
What is the Net Worth of Pair Eyewear?
Pair Eyewear was asking $400,000 in exchange for a 10% stake in the company, implying a $4 million valuation.
Who are the Competitors of Pair Eyewear?
Luxottica, MyOptique Group, and GrandVision are among Pair Eyewear’s main rivals.
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Pair Eyewear FAQS
Is it true that Pair Eyewear landed a deal on Shark Tank?
During its March 6, 2020, debut on ABC’s “Shark Tank,” the firm landed a deal.
The deal was for $400,000 in exchange for 10% of the company and a $1.50 fee on each pair of spectacles sold until the Sharks recouped their investment.
Who owns Pair Eyewear?
Pair Eyewear was launched in 2017 in New York City by Nathan Kondamuri and Sophia Edelstein.
When was the last time a pair of sunglasses was shown on Shark Tank?
Pair Eyewear was aired on 6th of March, 2020.
How long does it take to get glasses from Pair Eyewear?
Pair Eyewear offers free shipping on all orders.
Returns are likewise free of charge if made within 30 days of their order.
The company estimates that it will take 5 to 7 days from the moment they place their order until it is ready to ship.
On Shark Tank, who is Katrina?
As of November 2017, Katrina Lake owns 16.6 percent of Stitch Fix. In 2017, Forbes called Lake one of America’s wealthiest self-made women.
How is Pair Eyewear doing?
“They keep large margins on both the frames and the lenses,” she added. Since appearing (and getting financed) on Shark Tank in March of last year, Pair has grown at a 30% month-over-month rate.
Are Pair Eyeglasses intended for adults?
Pair Eyewear offers customizable frames for both toddlers and adults. Individuals can choose from a selection of prescription and non-prescription lens add-ons.
Is Pair Eyewear capable of producing bifocals?
For their PAIR, they can select between single vision and progressive prescriptions.
They provide progressive lenses for all of their frames, which incorporate the correction of near, intermediate, and far vision in a single lens.
While progressives no longer provide bifocals, they do provide a more modern alternative to bifocals or trifocals.
How Pair Eyewear do makes money?
They make over 70% margins on lenses and frames. They also pay margins of 25% to 30% on their frames alone.
How does Pair Eyewear guarantee customer satisfaction?
Pair Eyewear offers online customer care 24 hours a day, seven days a week, and free returns within 30 days.
Their mission is to provide the most comfortable and fashionable spectacles for every face.
Is Pair Eyewear a public or private company?
Pair Eyewear is a privately held corporation. The Kondamuri and Edelstein families invested in the company.