Readerest Shark Tank Net Worth (Before and After Shark Tank)

ReadeREST, the magnetic eyeglass clip invented by Rick Hopper, appeared on Shark Tank and made a deal with Lori Greiner. As of 2023, ReadeREST is worth $4 million. After Shark Tank, ReadeREST experienced significant success, with sales on QVC selling out within five minutes and the product becoming available in major retailers such as Ace Hardware, Walmart, and Bed Bath & Beyond. The company now has a net worth of $5 million and generates approximately $5 million in annual revenue. Rick Hopper, the founder, became a millionaire despite giving up a large portion of equity.

Key Takeaways:

• ReadeREST, the magnetic eyeglass clip, appeared on Shark Tank and made a deal with Lori Greiner.
• ReadeREST’s net worth increased from $4 million to $5 million after Shark Tank.
• The product sold out within five minutes on QVC and became available in major retailers.
• The company generates approximately $5 million in annual revenue.
• Despite giving up equity, Rick Hopper, the founder, became a millionaire.

Rick Hopper’s Background and Founding of ReadeREST

Before diving into ReadeREST’s journey to success, it is essential to understand the man behind the invention, Rick Hopper. Hailing from California, Hopper had a background in carpentry and entrepreneurship. He had already experienced success with his first business venture, TrimQuick, a vinyl trim provider, which he sold for a profit.

While still operating TrimQuick, Hopper encountered a frustrating problem familiar to many glasses wearers – constantly misplacing his eyeglasses. Determined to find a solution, he used his entrepreneurial spirit and carpentry skills to invent ReadeREST. The magnetic eyeglass holder provided a simple and effective way to securely hold glasses when not in use.

In 2011, Hopper launched ReadeREST, and the product gained traction almost immediately. After a test launch, it generated an impressive $65,000 in sales. This early success demonstrated the demand for a solution to the common eyeglass problem and set the stage for Hopper’s future in the eyewear accessories industry.

The Journey from Carpentry to Eyewear Invention

Year	Event
California	Rick Hopper starts TrimQuick, a successful vinyl trim business.
2011	Hopper launches ReadeREST, a magnetic eyeglass holder.
2012	Appears on Shark Tank and strikes a deal with Lori Greiner.

The founding of ReadeREST showcases the entrepreneurial spirit of Rick Hopper, who not only identified a problem but also created a solution that would go on to revolutionize the eyewear accessories industry. With his background in carpentry and previous business success, Hopper was well-positioned to develop and launch a product that addressed a common frustration among glasses wearers.

Stay tuned to learn more about ReadeREST’s appearance on Shark Tank and the subsequent success that propelled the company forward.

ReadeREST’s Shark Tank Pitch and Success After the Show

In 2012, I had the incredible opportunity to pitch ReadeREST on Season 3 of Shark Tank. Seeking $150,000 for 15% equity, I faced hesitation from most of the Sharks. However, Lori Greiner saw the potential in my magnetic eyeglass holder and made a deal. She offered $150,000 for 65% equity, a decision that would change the course of ReadeREST’s success.

After appearing on Shark Tank, ReadeREST experienced a surge in popularity. Lori’s promotion on QVC led to the product selling out within minutes, demonstrating the demand for this innovative solution to eyeglass woes. ReadeREST was soon available in major retailers such as Ace Hardware, Walmart, and Bed Bath & Beyond, further establishing its presence in the market.

The impact of ReadeREST’s Shark Tank appearance was undeniable. In the year following the show, our revenue skyrocketed to $1.4 million, a testament to the power of national exposure and the trust placed in us by consumers. Today, ReadeREST continues to thrive, generating approximately $5 million in annual revenue. The success of our magnetic eyeglass holder has propelled us to the forefront of the industry, making ReadeREST one of the most notable products to emerge from the Shark Tank.

ReadeREST’s Continued Growth and Success

Since its appearance on Shark Tank, ReadeREST has experienced remarkable growth and continued success. The company has expanded its product line to include more than just the magnetic eyeglass holder. They now offer a variety of glasses and four different types of glasses holders, catering to the needs and preferences of their customers.

These innovative products can be conveniently purchased on ReadeREST’s official website, as well as popular online retailers such as Amazon. This wide availability ensures that customers can easily find and purchase the ReadeREST products they desire.

ReadeREST’s commitment to quality and customer satisfaction is reflected in the positive reviews they have received. With an impressive 4.6-star rating on Amazon, customers have expressed their satisfaction with the functionality and reliability of ReadeREST’s products.

As of 2022, ReadeREST’s net worth is estimated to be $5 million, a testament to the company’s financial success and growth. Despite giving up a significant portion of equity in the Shark Tank deal, founder Rick Hopper achieved millionaire status, and ReadeREST has become one of the most prosperous products to emerge from the Shark Tank show.