What Happened To Pair Eyewear After Shark Tank Pitch?
Pair Eyewear is an online retailer of eyeglass frames for adults and children that creates customizable glasses. The founders, Sophia Edelstein and Nathan Kondamuri, appeared on Shark Tank in 2019 to pitch their business idea to the sharks. They received an investment offer from Robert Herjave.
Featured on Shark Tank season 11, they have set out to change kids’ eyewear with their fun Pair Eyewear. Now including adults. Since appearing (and getting financed) on Shark Tank in March of last year, Pair has grown at a 30% month-over-month rate.
Pair Eyewear was founded in early 2017 by Nathan and Sophia, together with an ex-Warby Parker product manager.
Sophia Edelstein and Nathan Kondamuri were still undergraduates at Stanford University when they founded Pair Eyewear.
Vision of Pair Eyewear
Today, a pair of glasses could help correct the vision of over 200 million children worldwide. We partner with The Eyelliance to provide glasses and vision care to children in the developing world and for every Pair purchased, we will provide glasses to a child in need!
Pair Eyewear After Shark Tank Pitch
Since the creators appeared on an episode of ABC’s “Shark Tank” in 2020 and struck a deal with some of the show’s investors, they have attracted a lot of media attention. Kondamuri himself an eyeglass wearer since he was eight and always felt the desire for more exciting frames. He had become weary of the same bulky and monotonous shape, especially when there weren’t many options and they were expensive for kids, and he discovered that many other children and parents shared his sentiments.
The duo pitched the company’s affordable magnetic base frames and customizable toppers
The Sharks were duly impressed, though a few concerns were raised about competition from other online retailers such as Warby Parker.
However, those concerns weren’t enough to scare off a pair of Sharks who combined their efforts to offer the $400K deal. (The offer included a $1.50 royalty fee with every frame sold until the Sharks got their money back.) Kondamuri and Edelstein took the deal and they haven’t looked back.
The company offers a wide variety of frame forms for you to pick from. The standard adult and children’s glasses use the same lenses, which are water-resistant, anti-reflective, and scratch resistant. Base frame has the option of top frame which helps to customise the base frame.
Details of the Pair Eyewear after Shark Tank Deal
- Pair Eyewear’s Offer: $400,000 for 10% Equity
- Pitch Valuation: $4 million
- Did they Accept Investment: Yes
- Investing Sharks: Katrina Lake and Lori Greiner
- Winning Counter Offer: $400,000 for 10% equity and $1.50/unit royalty until $400,000 is reached.
- Final Valuation: $4 million
Pair Eyewear Net Worth Now
- $11 million
Pair Eyewear is going strong with the company making 9M per year. Due to Pair Eyewear’s massive monthly client growth (30% each month), not to mention that they began generating 10% more revenue last year solely from the TikTok platform.