Pair Eyewear Net Worth
Pair Eyewear, a company that offers eyeglasses frames for children and adults, was looking for a strategic partner who could invest $400,000 in exchange for a 10% ownership stake in the company. This investment would have valued the company at $4 million.
By seeking a strategic partner, Pair Eyewear was looking for someone who could not only provide funding, but also bring additional expertise, resources, and networks to the table.
This would have enabled Pair Eyewear to expand its business and compete more effectively in the market, which had become increasingly crowded with the entry of other players like Warby Parker.
What is Pair Eyewear and Who Founded Pair Eyewear?
Pair Eyewear is an eyeglass frame provider catering to both children and adults via online channels. The brand, founded in 2017, is relatively new to the eyewear industry and was established by two Stanford graduates, namely Nathan Kondamuri and Sophia Edelstein, during their time at the university.
Nathan Kondamuri previously served as the Chief Executive Officer of Copernican Solutions, LLC, and assisted student-run businesses through Stanford’s consulting division.
Additionally, he interned at GE as part of the Operations Management Leadership Program and also helped creative students at MIT with their research and presentation skills.
Sophia Edelstein, on the other hand, worked as an analyst at Goldman Sachs and interned in business development at TeachAIDS, Stanford University, and J. P. Morgan as a summer analyst.
The founders identified a gap in the market where children’s glasses were prohibitively expensive, prompting them to disrupt the industry. After conducting surveys among hundreds of families, they found that parents desired a more affordable choice, while children wanted interchangeable glasses.
To start Pair Eyewear, Nathan and Sophia teamed up with an ex-Warby Parker product manager in early 2017. The brand offers entry-level frames for children and adults starting at $60, which includes their standard prescription lenses that are scratch- and glare-resistant.
Customers are unlikely to purchase eyeglasses without also buying a top frame or two, with prices ranging from $25 to $30 for one of their limited-edition collaborations, such as the NHL or Marvel.
To summarize, Nathan Kondamuri and Sophia Edelstein founded Pair Eyewear in 2017 to provide affordable, interchangeable eyeglass frames for both children and adults, filling a gap they identified in the market.
Pair Eyewear Shark Tank Pitch
Pair Eyewear is a company that donates one pair of glasses to impoverished children for every pair of glasses sold, and they have raised $1.15 million in venture funding. Due to their success, Warby Parker has started producing children’s glasses, putting pressure on Pair Eyewear to maintain their market share.
In their Shark Tank pitch, Pair Eyewear sought a strategic partner willing to invest $400,000 for a 10% stake in the company, valuing it at $4 million. The Sharks appreciated their market research and the high-profit margin of their product but were concerned about their low sales and existing investment base.
Lori Greiner and Katrina Lake, however, saw the potential in Pair Eyewear and offered $400,000 for a 10% stake in the company, along with a $1.50 royalty until their investment was repaid. Although they were ecstatic to collaborate, the contract was not completed due to the COVID-19 pandemic.
Since the episode aired, Pair Eyewear has expanded its offerings to include collections that benefit children impacted by COVID-19 and adult glasses in response to Warby Parker.
In April 2021, they raised $12 million in Series A fundraising and obtained licenses from popular franchises such as Sesame Street, Harry Potter, Marvel, and the NBA.
As of July 2021, Pair Eyewear generated $9 million in annual sales and announced plans to open kiosks in Hy-Vee Supermarkets in September 2021, allowing customers to try on frames in-store and purchase online.
Pair Eyewear Net Worth
Pair Eyewear was seeking $400,000 in return for a 10% stake in the firm, indicating a valuation of $4 million.
Pair Eyewear Competitors
Pair Eyewear’s top competitors include Luxottica, MyOptique Group and GrandVision.
Pair Eyewear FAQS
Is it true that Pair Eyewear landed a deal on Shark Tank?
The company scored a contract during its March 6, 2020, debut on ABC’s “Shark Tank.”
The arrangement was for $400,000 in exchange for 10% of the firm, as well as a $1.50 fee on each pair of glasses 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?
March 6, 2020.
How long does it take to get glasses from Pair Eyewear?
Pair Eyewear provides complimentary delivery on all orders.
Returns within 30 days of your order are also free of charge.
The firm estimates that it will take between 5 and 7 days from the time you place your purchase until it is ready to ship.
On Shark Tank, who is Katrina?
Katrina Lake owned 16.6 percent of Stitch Fix as of November 2017. Lake was named one of America’s wealthiest self-made women by Forbes in 2017.
How is Pair Eyewear doing?
They maintain great margins on both the frames and lenses,” she explained. Pair has been growing at a 30% month-over-month rate since debuting (and being funded) on Shark Tank in March of last year.
Are Pair Eyeglasses intended for adults?
Pair Eyewear provides both children’s and adult’s frames that may be customized. Individuals can select from a variety of add-ons for prescription and non-prescription lenses.
Is Pair Eyewear capable of producing bifocals?
They can choose between single vision and progressive prescriptions for their PAIR.
They provide progressive lenses for all of their frames, which combine the correction of close, mid, and distant vision in a one lens.
While progressives do not now offer bifocals, they do offer a more contemporary option to bifocals or trifocals.
How Pair Eyewear do makes money?
They make around 70% margins on lenses and frames. They also pay 25% to 30% margins on their frames alone.
How does Pair Eyewear guarantee customer satisfaction?
Pair Eyewear provides 24/7 customer service through their website and has free returns within 30 days.
Their vision is to focus on one thing: providing the most comfortable and stylish glasses for every face.
Is Pair Eyewear a public or private company?
Pair Eyewear is a private company. The firm was capitalized by the Kondamuri and Edelstein families.
What is the net worth of Nathan Kondamuri?
Unknown.
What is the net worth of Sophia Edelstein?
Unknown.
