Frameri Shark Tank Net Worth 2023
Frameri Shark Tank Net Worth
The net worth of Frameri Eyewear is unknown as of February 20, 2023. The company was valued at $4.2 million when it appeared on Shark Tank in 2015.
After appearing on Shark Tank, Frameri Eyewear continued to compete with Warby Parker, raising millions of dollars a year.
A Wall Street Journal article published in April 2015 reported that Warby Parker was valued at $1.2 billion.
What is Frameri? Who is the Founder of Frameri?
Frameri, an online retailer of eyeglasses located in Cincinnati, allowed customers to purchase lenses and frames separately in various shapes and colors.
The company was co-founded by Konrad Billetz and Kevin Habich, shortly after Billetz received his Master of Business Administration from the University of Notre Dame in 2013.
Billetz had previously earned a bachelor’s degree in biochemistry from Boise State University in 2009.
His own frustration with limited options for glasses after being shot in the eye with a BB gun at age eleven led him to start the company.
Frameri’s glasses were primarily component-based, offering the convenience of interchangeable lenses for customized style.
In contrast to the traditional practice of buying pre-assembled glasses, customers could mix and match frames and lenses to their liking.
Each frame and lens cost $100, with lenses made in Cincinnati and frames manufactured at a small, family-owned facility in Italy.
Every lens was scratch-resistant and anti-UV, as well as equipped with Anti-Reflective (AR) and Electro-Magnetic Interference (EMI) coatings.
In June 2014, the startup raised $750,000 in venture capital. However, one of their main challenges was educating customers about the ease of lens replacement.
Frameri Shark Tank pitch
Frameri, a company in the eyeglass industry, is likely seeking funding and guidance from a Shark due to the heavy nature of their inventory.
Konrad and Kevin, the founders of Frameri, are asking for $150,000 in exchange for a 3.5% stake in the company, which has a valuation of $4.3 million.
Their aim is to make it easy for customers to switch out eyewear designs, and they showcase the simplicity of their product and its distribution, with a six-pack of glasses costing $500.
During their pitch, Daymond expresses concern about the high valuation of the company, while Lori notes that the patent has already been filed.
The founders demonstrate a virtual reality try-on capability and explain that the frames cost $27 and the lenses cost $10. While the pre-order sales have been $70,000, Daymond suspects that they are only seeking publicity.
The founders state that they need help in developing their brand, and while Kevin offers to provide a loan and assistance in lowering client acquisition costs, the founders decline his offer due to their insistence on not foregoing royalties. Consequently, Kevin and the founders both exit without reaching a deal.
After their appearance on the show, the founders received a state loan and hired an ex-employee from a large eyeglasses manufacturer.
They launched their website in 2017 and appeared to be accepting orders. However, in January 2018, the company closed down, and the founders went on to pursue other ventures.
Competitors of Frameri
The company competes with the likes of: Zenni Optical, Glasses USA, Eponym, Framedirect, Werby Parker, Coastal, and Miami University among others.
Net Worth of Frameri
During the Shark Tank pitch, the company was valued at $4.3 million. Since then the company net worth is unknown because the company is no longer in operation.
What is Frameri?
Frameri Eyewear, Inc. is an eyewear company that manufactures and sells spectacles with interchangeable lenses for both prescription and non-prescription use.
What started Frameri Eyewear?
Conrad Billetz graduated from Boise State University with a Bachelor’s Degree in Biochemistry in 2009.
Konrad Billetz became frustrated that there was not an easy way to switch out eyewear designs or change the lens of his glasses, especially as an adult.
What is their offer on Shark Tank?
They were asking for $150,000 for 3.5% of the company at valuation of $4.3 million.
Did they get the deal?
No, they did not.
Is still in business?
No, they are no longer in business.
What type of products does Frameri make?
The company manufactures and sells spectacles with interchangeable lenses for both prescription and non-prescription use.
What type of patients do they treat?
The main focus of the company is on eye care for the correction of vision problems caused by refractive errors, generally associated with presbyopia.
Is it legit?
The company has a history of working with customers and has a solid track record of success.
How much does one glasses cost?
Each lenses cost about $10 and frames start at $27.
What is the weakness?
The weakness is that there is no proven branding, development of a brand and customer acquisition.
What is the strength?
The company has a great product with decent customer retention and growth potential.
Does Frameri work for glasses?
Yes, they do make glasses for prescription and non-prescription use. They make frames and lenses for most eyeglasses types used in the U.S. market place (frames: round, rectangular and oval; lenses: single vision, bifocal, progressive and multi-focal).
Is it safe?
The company has built an excellent reputation in the market place by delivering exceptional products, at an affordable price.
How long is the warranty?
The company offers a 30-day money back guarantee on all purchases. One can return items within 30 days of receipt for any reason for a full refund or exchange.
Why is it so cheap?
Shopping online makes it easy to find low prices on glasses and eyeglasses.
How do I find them?
Frameri Eyewear is a premier online eyeglass provider.
Where can I find their products?
The company sells eyeglass frames and lenses through its website, www.frameri.com.
Is safe to buy online?
There are risks for online purchases, but the company keeps them to a minimum.
Do they accept returns and exchanges?
Yes, accessories and accessories (eyewear) can be returned or exchanged within 30 days of receipt for full refund or exchange.
How do I pay?
Citizens Bank is the company’s preferred processor.
I want to become a dealer, how do I do that?
Contact the company by email at [email protected]
Is it okay to sell frames second hand at Frameri?
Yes, it is okay to sell frames at Frameri Eyewear.
What is the net worth of Konrad Billetz?
Net worth Konrad Billetz has varied, but is currently unknown.