Readerest Net Worth
During the Shark Tank pitch, Rick Hopper mentioned that his company, Readerest, was valued at $1 million. Since that time, the company has made significant strides in terms of sales, and this has led to an increase in the net worth of the company.
With the help of Lori Greiner, Rick was able to take the company out of his garage and secure manufacturing for the Readerest, which led to a substantial increase in production and distribution. The product’s exposure on Shark Tank helped the company sell out in just five minutes, and they predicted over $6 million in sales.
Over the next three years, the company continued to grow, and it introduced new products such as reading glasses. These efforts paid off as the company generated annual revenue of $5 million in 2021.
As a result, it’s safe to say that the company’s net worth has increased significantly since the Shark Tank pitch, which was valued at $1 million. The company’s success is a testament to Rick’s hard work and dedication to his craft, as well as Lori Greiner’s expertise in product development and marketing.
What is Readerest and Who is the Founder of Readerest?
Readerest is a magnetic clip that securely attaches glasses to a shirt, and the founder of this brilliant concept is Rick Hopper, a resident of Orange County, California.
As a child, Rick enjoyed building monoliths using Lincoln Logs and Erector sets, which he continued into adulthood, starting a career in window paneling and creating furniture for his family in his free time.
After his window business failed in the late 2000s, Rick developed Readerest as his second attempt to commercialize his creativity.
Rick disliked the hassle of reading glasses, and his first prototype of a bent paper clip and magnets was a hit, keeping his glasses secure even after he injured his shoulder in a fall on an electric skateboard.
Rick’s idea grew into a viable product, and he traveled along the west coast attending trade shows in search of a market for his paper clip, which eventually evolved into stainless steel.
He even created a powerful neodymium magnet from leftover metal. After his friends convinced him to watch Shark Tank, Rick decided to take the plunge and appeared on the show after nine months of coaxing.
Readerest Tank Pitch
During the pitch, Rick requested $150,000 for a 15% ownership in his company, which was valued at $1 million.
He discussed his progress, mentioning that he had made almost $65,000 in sales and produced over 100,000 eyeglass holders by hand. Rick also explained why he was seeking a Shark Tank partner to assist with manufacturing and distribution.
However, Robert Herjavec disliked the level of involvement required, Kevin O’Leary was unhappy with the company’s valuation, and Daymond John lacked enthusiasm for the product, so they declined the opportunity.
Lori Greiner made a prompt offer of $150,000 for 65% ownership of the company. This offer caused Mark Cuban to withdraw from the deal.
Finally, Rick Hopper and Lori Greiner agreed on $150,000 for a 65% ownership of the company.
Lori’s partnership with Rick caused the company to grow significantly as she urged him to leave his garage and establish a manufacturing facility for Readerest.
They predicted sales of over $6 million after the product aired and sold out in just five minutes. Given the massive market size of over 126 million eyeglass wearers in the United States, they eventually earned $13 million in sales three years after the initial air date.
In addition, Readerest also introduced reading glasses, and the company generated an annual revenue of $5 million in 2021.
Competitors of Readerest
Initially known as Eyeglass Holders, Rick Hopper’s Readerest eyeglass holder has many competitors.
The main competitor is another magnetic eyeglasses holder called Spexwear and Magneglasses.
Net Worth of Readerest
The company valuation was $1 million during the Shark Tank pitch and the company had made a lot of sales since that time which means the net of the company has increased.
The Readerest Shark Tank Updates
ReadeREST is a magnetic eyeglass holder that appeared on Shark Tank in Season 3, Episode 6. The entrepreneur, Rick Hopper, asked for $150,000 in exchange for 15% equity. Lori Greiner made a deal with Hopper, offering him $150,000 for 65% equity.
After the show, Greiner helped Hopper secure manufacturing for ReadeREST and put the product on QVC, where it sold out in five minutes. By 2015, ReadeREST brought in $13 million in sales and expanded its offerings to include reading glasses.
As of 2023, ReadeREST is still going strong and sales have continued to go up over the past years. Today, it brings in $5 million annually.
ReadeREST is one of Shark Tank’s biggest success stories. An appearance on Shark Tank guarantees that millions of people will learn about each business that appears on it.
An average Shark Tank appearance doubles or even triples a company’s sales. ReadeREST is a prime example of this, as it has continued to grow and expand since its appearance on the show.
Summary Table: Readerest Shark Tank
| CATEGORY | INFORMATION |
| Company Name | Readerest |
| Founder | Rick Hopper |
| Product | Magnetic clip to securely attach glasses to a shirt |
| Shark Tank Pitch | Requested $150,000 for a 15% ownership of the company, which was valued at $1 million |
| Shark Tank Outcome | Lori Greiner offered $150,000 for a 65% ownership of the company |
| Competitors | Spexwear and Magneglasses |
| Net Worth | Not specified, but the company’s valuation increased significantly since the Shark Tank pitch |
| Sales | Predicted over $6 million in sales after the show and generated $13 million in sales three years after the initial air date. The company generated an annual revenue of $5 million in 2021. |
Readerest FAQs
What Is Readerest Shark Tank?
ReadeREST is a U.S.-based company that produces a magnetic eyeglass holder, also called ReadeREST. The founder, Rick Hopper, started using readers after turning 40 and began habitually losing, scratching, and dropping his glasses.
He then came up with the idea of using paperclips and magnets to solve the problem of keeping his glasses safe and secure. Prior to appearing on Shark Tank, Hopper was making his patented eyeglass holders by hand.
In 2012, Hopper landed a spot on Season 3, Episode 6 of ABC’s show Shark Tank, resulting in a deal with Lori Greiner. Rick was seeking $150K for a 15% share in the business.
Prior to appearing in The Shark Tank, Rick had sold around $65K worth of products and had made over 100,000 of the eyeglass holders by hand. Lori helped Rick get out of his garage and secured manufacturing for the ReadeRest.
She put the product on QVC, and it sold out in five minutes. Greiner and Hopper projected over $6 Million in sales in 2012. Today, it brings in $5 million annually.
ReadeREST has grossed $39 million in retail sales in just 7 years since airing on Shark Tank. It is one of Shark Tank’s biggest success stories. Currently, ReadeREST offers four varieties of glasses holders: one in stainless.
How Does Readerest Shark Tank Work?
ReadeREST is a magnetic eyeglass holder that uses high-powered magnets to secure a simple eyeglass clip to just about any article of clothing, providing a secure, convenient place to hang eyeglasses without worrying about dropping or losing them.
Before appearing on Shark Tank, Rick Hopper, the inventor of ReadeREST, was making each holder by hand and had sold around $65K worth of product.
Hopper was seeking $150K for a 15% share in the business. Lori Greiner made an offer of $150K for 65% of the company, which Hopper accepted.
After appearing on Shark Tank, Greiner helped Hopper secure manufacturing for ReadeREST and put the product on QVC, where it sold out in five minutes. ReadeREST is one of Shark Tank’s biggest success stories, with $1.4 million in sales within six months of appearing on the show.
An average Shark Tank appearance doubles or even triples a company’s sales. Hopper appeared on Shark Tank again to give an update on his business. The success of ReadeREST has freed Hopper up to focus on other ideas he plans to manufacture and market with the help of Greiner.
What Happened To Readerest After Shark Tank?
ReadeREST is a magnetic eyeglass clip that can be attached to clothing, invented by Rick Hopper. Hopper appeared on Shark Tank in 2012, asking for $150,000 for 15% equity. Lori Greiner made a deal with Hopper, promising to make him a millionaire.
After the show, ReadeREST received a “Shark Tank bump” and sold out within five minutes on QVC. Hopper outsourced the manufacturing to help scale the business. By 2015, ReadeREST brought in $13 million in sales. As of 2023, ReadeREST is worth $4 million.
ReadeREST has expanded its offerings to include reading glasses. The company is still in business in 2021 and has maintained an estimated net worth of around $2.5 million.
According to an update in 2023, the deal with Lori was finalized shortly afterward, and with her help, Hopper was able to secure a manufacturer for the product. ReadeREST is still a successful product that has become invaluable to those who wear glasses.
Is The Readerest Shark Tank Still In Business?
Yes, Readerest is still in business as of 2023. The company offers clip-on magnetic eyeglasses holders that can be attached to clothing. The product was pitched on Shark Tank in 2012 by entrepreneur Rick Hopper, who asked for $150,000 in exchange for 15% equity.
Lori Greiner made a deal with Hopper and promised to make him a millionaire. After the show, Greiner promoted Readerest on QVC, and it sold out within five minutes. Hopper also outsourced the manufacturing to help scale the business.
Readerest has expanded its offerings to include reading glasses and now offers four varieties of glasses holders: one in stainless steel, one in black, one with Swarovski-brand crystals, and one with Swarovski-brand pearls. The company brings in $5 million annually.
The product is still on the market and has maintained an estimated net worth of around $2.5 million. As of 2023, Readerest is worth $4-5 million. The company is still going strong, and sales have continued to go up over the past years.
What Is The Current Valuation Of Readerest After Shark Tank?
Rick Harper, the inventor of ReadeREST, appeared on Shark Tank in 2011 and asked for $150,000 in exchange for a 15% equity share in the business, presenting ReadeREST as a $1 million valuation.
After some negotiation, he accepted an offer from Lori Greiner for all of the money at 65% equity.
As of 2021, ReadeREST is still in business and has an estimated net worth of around $2.5 million.
The product is still on the market and has maintained its value over the years. Within the first year after Shark Tank, Nick Harper, and Lori Greiner had managed to sell 65,000 units almost immediately.
What is their offer on Shark Tank?
Rick Hopper was asking for $150,000 for 15% equity of his business.
Did he get the offer?
Yes, Rick Hopper made a deal with Lori Greiner for $150,000 in exchange for 65% ownership.
How much is the net worth of Readerest?
Readerest company valuation was $1 million during their Shark Tank appearance and sold over $3 million worth of products after the episode aired and produced over 100,000 holders by hand before the establishment.
How many employees does Readerest have?
Readerest currently has 25 employees and growing.
What is their business model?
Readerest is a business selling magnetic eyeglass holders.
Is Readerest for newsstands only?
Readers can purchase magnetic eyeglasses holders directly from the company’s website. The product comes in seven sizes ranging from XS to XXL.
How long have they been selling?
This company was established in 2018 and started selling its product at the end of 2018.
What is the process of placing an order?
The process involves placing an online order and paying for the product. The product will be shipped to the customer’s address
How can I contact them?
Their contact information is:
Readerest, Inc.
972 East Green Street #922, Pasadena, CA 91101.
How can I make a purchase?
Customers can buy the product directly from the company website. The price is $29 for one pair of eyeglass holders.
Who are their customers?
Their customers are mostly eyeglass wearers who don’t want to misplace or damage their eyeglasses while they are working out or running errands around the neighborhood.
Readers can purchase magnetic eyeglass holders directly from the company’s website.
What is the B2C model?
The company’s business model is direct selling as they sell their products directly to consumers through their website.
Who are their buyers?
Readerest customers are mostly eyeglass wearers who don’t want to misplace or damage their eyeglasses while they are working out or running errands around the neighborhood.
If they would like to initiate a business and/or launch a new product, we would suggest undertaking it inside an incubator environment.
Is safe to buy online?
Yes. Companies that sell online have fewer chances of being scammed as they can be held accountable by the customer if their product doesn’t live up to the company’s standard.
Is there any opportunity?
Yes. This product is a brilliant idea for a target market that is made possible by the use of a neodymium magnet, which is a powerful magnet.
What can our company offer them?
In exchange for investment from Shark Tank, they will get their business launched and expand their prospects for further growth.
How much does it cost to begin a business?
Starting a business will cost money but not as much as one would think.
How can we get in touch with them?
Customers can contact the company directly through their website or email.
How much is it to start a business?
The cost of starting a business depends on the company’s business model. However, most businesses require an investment in an idea and initial inventory.
For instance, restaurants and food trucks require a large initial investment that small businesses may not be able to afford.
However, companies that sell online and interact with customers only electronically may not need as much capital for inventory and equipment.
