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 makes a lot of sales since that time which means the net of the company has increased.
Readerest FAQs
What is Readerest?
Readerest is a brilliant concept that contains a magnetic clip that attaches to a shirt and securely secures spectacles.
Who is the founder?
The founder of Readerest is Rick Hopper of Orange County, California.
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 product after the episode aired and has 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 of 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 sell 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 less 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?
Customer 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 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.
