Pair Eyewear has appeared as a frontrunner in the eyewear industry, grabbing the attention of customers with its unique combination of style and functionality.
In 2020, the episode featuring Pair Eyewear aired on Shark Tank. The founders of the company walked away with a $ 400,000 investment from Lori and Katrina in exchange for a 10% stake in the firm.
In this article, we will give you an insider’s look at what occurred to Pair Eyewear after Shark Tank. We’ll answer common questions and provide useful suggestions so that you can recount their success.
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The Genesis of Pair Eyewear: A Vision for Customization
Pair Eyewear is an online eyewear firm set up by Nathan Kondamuri and Sophia Edelstein. When it comes to children who require glasses, it is really difficult to find someone an appropriate pair without drama ensuing.
That is why Nathan and Sophia developed Pair Eyewear to make it easier for parents to get their children the glasses they require without having to go through a prolonged process.
Pair Eyewear provides an online selection of frames that are designed to fit any face. They are also available in a lot of different colours and styles. The Pair Eyewear company also enables consumers to create customized prescription eyeglasses with their in-house team of opticians who will work with you to confirm the perfect fit and comfort for your child’s glasses.
Nathan always shared wearing glasses as he thought that they were nothing but a medical devices. There is no fun in wearing it.
He had a firm belief that eyeglasses should be enjoyable. He did not think that glasses were merely an essential accessory for vision correction.
They realized that the kids’ glasses were very expensive. That is why they wanted to revolutionize the industry. They had a conversation with multiple families. From this, it was obvious that parents were looking for an economical solution and children wanted eyewear that would enable them to express their identity.
Nathan and Sophia made a partnership with a former Warby Parker products expert in early 2017 to introduce their Pair Eyewear.
They allow the customers to get their hands on any of the five stylish base frames particularly designed for kids. For this, they have to spend only $95 per pair.
The most interesting thing is that the company allows you to customize your pair if you are ready to pay an additional $35. The company will give you a personalized frame clip for your glasses which will give you and your child an option of more than 100 frames and colours.
If you do not want to have conventional eyeglasses you can purchase sunglasses that provide the same range of options and customization.
In place of shipping a full five pairs of glasses to customers, Pair Eyewear has revolutionized the method by sending out cardboard replicas.
By doing so, all the problems associated with returning unwanted frames are eliminated. Furthermore, this process enables you to choose the perfect style easily.
The couple also donated eyeglasses to the charity organization named The Eyelliance for each pair purchased. This enables a lot of people all over the world to get access to glasses who otherwise would not have them.
Before coming up on Shark Tank, the founders of the company managed to raise $1.15 million in venture capital funding and developed their business exponentially. Nevertheless, they had even more achievements in mind and planned to apply for Shark Tank.
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Pair Eyewear: Shark Tank Pitch
Nathan and Sophia appealed to the sharks for an investment of $400,000 in return for a 10% equity stage in the business.
They started the pitch by explaining what they offer and how they have revolutionized the eyewear industry. They presented some super-quality samples to the sharks and then demonstrated their aim of enabling kids to feel confident in their glasses.
They were able to impress the sharks with their product and its potential. However, the Starks were a little bit hesitant to invest their money in the business due to the crowded market.
According to the sharks, Pair eyewear only serves a small portion of the population which might not be profitable enough for them.
Lori Grenier and Katrina still liked the idea a lot and were ready to invest $400,000 in exchange for a $1.50 per pair royalty until they paid back their investment. Nathan and Sophia accepted the offer instantly without a second thought.
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Pair Eyewear: Post Shark Tank Success
Pair Eyewear after becoming a part of the Shark Tank family, experienced a remarkable growth in sales as well as exposure. They have experienced a remarkable boost in website visitors and overall sales since their appearance on the show.
The effect of Shark Tank took place and the reputation of Pair Eyewear has risen remarkably. The couple even began to collaborate with various celebrities and influencers to promote their product more.
But it is a matter of sorrow that the deal with the sharks, Lori Grenier and Katrina never concluded. It seems that both parties had some clashes during the negotiations which finally led them to walk away from the deal.
However, this was unable to stop Pair Eyewear from carrying on its business growth and expanding its reach. Multiple media outlets like Good Morning America, ABC News and even Forbes have featured the company.
The company launched two new series of glasses named Future is Bright and Hearts of Hope at the time of the covid 19 pandemic. They said that if you purchase an item from the two collections it will go towards helping children affected by covid 19. They would utilize the money to give them the essential sustenance and educational materials they required.
The most important thing is that they also added adult glasses to their product line soon and currently, they are trying to expand their business all over the world and reach new markets.
They managed to raise a whopping $12 million in April 2021 through the Series A funding round. Thereafter their success was more concretized when they raised an additional $60 million during the Series B funding event.
This has enabled them to develop their business more and offered them the crucial resources they required for their growth.
Besides this, they have generated licensing deals with some of the world’s biggest companies including Sesame Street, Harry Potter, Marvel, and the NBA. For this, they were able to launch glasses themed around the iconic characters.
Nothing would attract the children to wear glasses more than having designs they are already familiar with and love. The company managed to generate $9 million in annual revenue by July 2021.
Only two months after that, the company declared with pride that they were going to expand into Hy-Vee Supermarkets with a series of kiosks. That enabled them to launch a hybrid shopping model where customers can select from a wide range of glasses online as well as offline.
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Pair Eyewear: Sales After Shark Tank
While discussing the sales of Pair Eyewear there is no need to say that Pair Eyewear has experienced a remarkable growth in sales after appearing on Shark Tank. They managed to generate nearly $10 million in annual revenue in 2022.
Pair Eyewear has certainly come a long way since it was featured on Shark Tank and it is safe to say that the founders of the company have acquired success in developing a profitable business. They have managed to grow exponentially due to the support of both investors and customers.
With such devotion and hard work, it is safe to say that Pair Eyewear is here to stay for the long haul. They continue encouraging children all around the world to be courageous and express themselves through their glasses. We can only look forward to what else this creative company will bring us in the upcoming days.
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Is Pair Eyewear Still Active in Business?
Yes, Pair Eyewear is still growing today and continues to be a leader in the eyewear industry. Despite the drama on Shark Tank, Nathan, and Sophia are happy with where they are now and continue to move forward with their mission of making eyewear fun for everyone.
The success of Pair Eyewear after Shark Tank indicates that even when things do not go as planned, a resilient spirit and dedication to your vision can help you achieve great things. It is an inspiring story of success against the odds that will hopefully continue for many years to come.
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What Was The Net Worth Of Pair Eyewear Before And After Appearing On Shark Tank in 2020?
Before appearing on Shark Tank in 2020, Pair Eyewear had an estimated net worth of $4 million and after appearing on Shark Tank, Pair Eyewear had a net worth of $4 million. Pair Eyewear managed to generate more revenue after a gradual growth in their sales, customer base and investments.
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Pair Eyewear Net Worth 2021
In 2021, Pair Eyewear had an approximate net worth of $6.5 million.
Pair Eyewear Net Worth 2022
In 2022, Pair Eyewear had an approximate net worth of $7.5 million.
Pair Eyewear Net Worth 2023
As of 2023, the estimated net worth of Pair Eyewear is $8.6 million.
The company has managed to fulfil this milestone by concentrating on providing quality products with remarkable designs for a reasonable price.
They have also done well in working with some of the biggest names in the entertainment and sports franchises. This has enabled them to reach new markets and develop their reach more.
We can expect that the value will increase more in the coming years and the company will introduce new series of glasses, and make different licensing deals.
Now it has entered the Hy-Vee Supermarkets. So, Pair Eyewear is now on its way to becoming an even bigger success story.
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Final Opinion
Nathan Kondamuri and Sophia Edelstein wanted to make eyewear more attractive to wear for kids and adults. Despite the deal with the sharks not going the way they yearned for, the pair has been pushing forward with their vision. They have continued to make eyewear designs that appeal to a variety of people and have expanded their product line to include sunglasses, reading glasses, and more. They have also continued to partner with charities around the world, donating eyewear and providing access to those in need.
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FAQs
How Is Pair Eyewear Doing?
Since the founders featured Pair Eyewear on Shark Tank it has experienced significant success. The demand for the stylish and affordable eyeglasses of the company skyrocketed after appearing on the Shark Tank show. They got a lot of orders from all over the US after the Pair Eyewear Shark Tank episode.
With the help of the newfound visibility, the company was able to develop its product line and increase their significantly. They are now generating nearly $10 million in annual revenue and they currently offer even more eyewear options.
The company has expanded into direct-to-consumer sales as well as selling frames at optometry practices all over the country by using its newfound success.
They have also secured deals with various national retailers along with Hy-Vee Supermarkets. This has enabled them to make their products more accessible to a wider range of consumers.
How much is a Pair Eyewear company worth?
Pair Eyewearis a startup eyewear company. Since appearing at Shark Tank, the company has grown significantly and is at present valued at $ 11 million.
The company was set up by Nathan Kondamuri and Sophia Edelstein, who represented their business idea in front of the Sharks on the Shark Tank show. Their unique approach of selling high-quality eyewear directly to customers through an online platform has allowed them to grow quickly and reach a larger customer base.
It also enables them to keep costs down and offer more reasonable prices than conventional brick-and-mortar stores.
Even though they were not able to fulfil their deal with the sharks, they managed to secure additional funds in angel investments after the show. This gave them the capital they required to develop their operations and concentrate on growth.
Pair Eyewear has been able to differentiate itself from its competitors by offering custom-fit glasses based on the customer’s face shape and size. This approach has allowed them to stand out from other eyewear companies available in the market as well as grab the attention of more customers.
Did Pair Eyewear get a deal on Shark Tank?
While Pair Eyewear got an offer from Lori and Katrina at the show, the deal ultimately was not fulfilled as both parties had some problems.
The proprietors of Pair Eyewear felt that the deal would have been too restrictive and would not allow them to achieve their long-term goals.
Despite not earning a deal on the show, Pair Eyewear has gone on to have success since. After the airing of their episode, they saw a boost in sales and continued to grow their business. The company was finally able to secure funding from sources outside of Shark Tank and move forward with its vision of creating stylish, affordable eyewear.
Now they offer not only children’s glasses but adult eyewear as well. And they collaborated with some major franchises like Disney and Marvel to create stylish glasses with character designs.
