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.
Frameri Shark Tank Update
Frameri, a startup company that appeared on Shark Tank in 2015 for its interchangeable frames and lens system, decided to close its operations on January 16, 2018.
The company’s valuation was $4.2 million when it appeared on Shark Tank, and it was seeking a $150,000 investment in exchange for a 3.5% stake in the company. However, the sharks did not make a deal with the company.
Despite not receiving an investment from the sharks, Frameri continued to compete with Warby Parker and raised millions of dollars a year.
However, the company eventually shut down due to funding issues. The company’s CEO, Sam Pellerito, spent time edging eyeglass lenses in a friend’s basement, fulfilling orders for the company’s last customers.
It is unclear what the founders of Frameri, Konrad Billetz and Kevin Habich, are currently doing. However, Pellerito plans to work with Felix Gray, a company that makes glasses that filter out blue light.
Summary Table of Frameri Shark Tank Net Worth 2023
|Year Valued on Shark Tank||2015|
|Valuation on Shark Tank||$4.2 million|
|Net Worth (as of Feb. 20, 2023)||Unknown|
|Founders||Konrad Billetz and Kevin Habich|
|Business Description||Online retailer of eyeglasses|
|Main Product||Component-based glasses with interchangeable lenses and frames|
|Competitors||Zenni Optical, Glasses USA, Eponym, Framedirect, Warby Parker, Coastal, and Miami University|
|Investment Sought on Shark Tank||$150,000 for 3.5% stake in the company|
|Shark Tank Outcome||No deal|
|Funding Raised After Shark Tank||Millions of dollars per year|
|Closure||January 16, 2018|
|Reason for Closure||Funding issues|
|Current Status of Founders||Unknown|
|Plans of CEO||To work with Felix Gray|
|Notable Mention||State loan received after Shark Tank appearance|
What Happened To Frameri After Appearing On Shark Tank?
Frameri appeared on Shark Tank Season 6 but did not receive a deal from the Sharks. The valuation of Frameri Eyewear was $4.2 million when it appeared on Shark Tank, but its net worth is unknown as of 2022.
Despite not receiving a deal, Frameri continued to compete with Warby Parker and raised millions of dollars a year.
However, in January 2018, Frameri announced that it would be closing down its operations indefinitely.
The company was known for its innovative interchangeable lenses and frames, but it ultimately fizzled due to funding issues.
What Was The Outcome Of Frameri’s Shark Tank Appearance?
Frameri appeared on Shark Tank Season 6 and asked for $150,000 for 3.5% equity, but they did not receive a deal from any of the Sharks.
The sharks wanted to know about the company’s sales numbers before considering investing. The company developed interchangeable glasses, making them a fun accessory.
The founders, Konrad Billetz and Kevin Habich, demonstrated how easy it was to pop out their specially designed lenses and pop them back into a different pair of frames.
The company had a valuation of $4.2 million when it appeared on Shark Tank. The net worth of Frameri Eyewear is unknown as of 2022. The company shut down in January 2023.
Is still in business?
No, they are no longer in business.
Why Did Frameri Decide To Close Its Operations?
Frameri Eyewear closed down indefinitely on January 16, 2018. The company was known for its innovative interchangeable frames and lens system.
The CEO of Frameri, Sam Pellerito, stated that the company had fallen short of its personal goals, but they were happy to have been a part of changing the eyewear industry.
The company had gained notoriety from being featured on Shark Tank in 2015, but they did not receive a deal from the Sharks.
The company had also raised funds through crowdsourcing and had 28 eyecare retailers in 15 states selling their products.
However, the company ultimately fizzled due to funding issues. The net worth of Frameri Eyewear is unknown as of 2022.
What Was The Impact Of Frameri’s Appearance On Shark Tank?
Frameri’s appearance on Shark Tank did not result in a deal with any of the Sharks. However, the company raised more than double their initial request using crowdsourcing after the show.
The company’s appearance on Shark Tank brought them national recognition, and they were the first company to go through The Brandery, a nationally recognized consumer marketing and branding accelerator.
Despite the company’s success, it ultimately closed down in January 2018. The founders of Frameri, Konrad Billetz and Kevin Habich, spent years designing their frames and lenses before appearing on Shark Tank. They founded the company to make it simple to switch out glasses styles.
Although the company did not achieve its personal goals, it changed the eyewear industry, according to Frameri CEO Sam Pellerito.
What Is Frameri And How Does It Work?
Frameri is an eyewear company that offers interchangeable lenses and frames. The company was founded by Konrad Billetz, who started wearing glasses when he was eleven after a friend shot him in the eye with a BB gun.
Throughout the years, he was frustrated with his choices for glasses, so he created a business that solved his problem.
Frameri frames come from a small, family-run factory in Italy, and the lenses get made in Cincinnati. The frames are handcrafted using premium Italian Mazzuchelli Acetate, ensuring long-lasting shine and shape that holds over time.
Frameri’s modular system allows customers to purchase lenses and frames separately and switch out the lenses to different frames depending on the look they want.
The lenses are easy to snap in and out of place, and the company offers a virtual try-on feature that uses a customer’s webcam to create a video they can playback anytime for friends and family. The company offers free shipping, and customers have 30 days to return or exchange their picks.
Frameri started in June 2014 with a $750K venture capital round. The company appeared on Shark Tank in 2015 and gained notoriety from the show.
However, the company closed its Over-the-Rhine store in January 2018. Despite this setback, Frameri has found success as an online optical retailer that offers moderately priced frames and lenses.
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.
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.
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.