In 2020, the episode featuring Pair Eyewear aired on Shark Tank. The founders walked away with a $ 400,000 investment from Lori and Katrina in exchange for a 10% stake in the company. In this article, we will give you an insider’s look at what really happened to Pair Eyewear after Shark Tank. We’ll answer common questions and provide helpful tips so that you can replicate their success!
What is a Pair Eyewear and Who are Its Founders
Pair Eyewear is an online eyewear company founded by Nathan Kondamuri and Sophia Edelstein. When it comes to children who need glasses, it’s really hard to find someone a suitable pair without drama ensuing. That’s why Nathan and Sophia created Pair Eyewear—to make it easier for parents to get their children the glasses they need without having to go through a lengthy process.
Nathan used to loathe wearing glasses as he perceived them to just be “a medical device”, instead of something fun. He strongly believes that eyeglasses should be enjoyable, not just a necessary accessory for vision correction.
As they comprehended that kids’ glasses are excessively expensive, they wanted to revolutionize the industry. After conversing with numerous families, it became clear that parents sought an economical solution and children desired eyewear that would allow them to express their individuality.
And you can customize your pair as well if you’re willing to pay $ 35 more. You will get a customized frame clip for your glasses which will give you or your kid a choice of more than 100 frames and colors.
If you don’t need traditional eyeglasses, you can buy sunglasses that offer the same range of options and customization.
Instead of shipping a full five pairs of glasses to customers, Pair has revolutionized the process by sending out cardboard replicas. Doing this eliminates all hassle associated with returning unwanted frames and makes choosing the perfect style easier than ever before!
The couple also donated eyeglasses to the charity organization The Eyelliance for each pair bought. This helps many people around the world get access to glasses who otherwise wouldn’t have them.
Before appearing at the show, they raised $ 1,15 million in venture capital funding and grew their company exponentially. However, they had even more achievements in mind and decided to apply for Shark Tank. [1] [2]
Pair Eyewear at Shark Tank
Nathan and Sophia approach the table with an offer of $ 400,000 in exchange for 10% equity in their company. They begin by explaining what they offer and how they’ve revolutionized the eyewear industry. They present the sharks with some samples, which are of super quality, and they explain their mission of helping kids feel confident in their glasses.
The sharks seem impressed by the product and its potential but are hesitant to invest because of the crowded market. They’re concerned that Pair Eyewear only serves a small portion of the population which might not be profitable enough for them.
Still, Lori and Katrina like the idea, particularly a lot, and make an offer of $ 400,000 for a 10% with a $ 1.50 per pair royalty until they return their investment. Nathan and Sophia don’t think twice before accepting the offer. [2]
How Is Pair Eyewear Doing After the Show?
Now that Pair Eyewear is part of the Shark Tank family, the company has experienced a significant boost in sales and exposure. Since their appearance on the show, they’ve seen an increase in website visitors and overall sales.
The Shark Tank effect obviously took place and Pair Eyewear’s reputation has been on the rise. The couple even started to collaborate with many celebrities and influencers in order to promote their product even more.
Unfortunately, the deal with the sharks never came to a conclusion. It seems both parties had some disagreements during the negotiations which resulted in them walking away from the deal.
But this didn’t stop Pair Eyewear from continuing to grow its business and expand its reach. The company has been featured on multiple media outlets such as Good Morning America, ABC News, and even Forbes! During the COVID pandemic, the company releases two new series of glasses – Future is Bright and Hearts of Hope. Your generous purchase of items from our two collections will go towards helping children affected by COVID-19, giving them the necessary sustenance and educational materials they need.
What’s more, they soon added adult glasses to their product line as well, and now they are expanding globally into new markets.
In April 2021, they succeeded in raising a whopping $ 12 million through the Series A funding round. Subsequently, their success was further solidified when they procured an additional $ 60 million during the series B funding event. This has helped them to expand even further and provided them with the necessary resources they needed in order to grow.
Not only that, they have forged licensing agreements with some of the world’s biggest brands including Sesame Street, Harry Potter, Marvel, and the NBA. This made it possible for them to release glasses themed around the iconic characters. Nothing would encourage children to wear glasses more than having designs they’re already familiar with and love.
By July 2021, the company had achieved $ 9 million in annual revenue. Just two months later, it proudly announced its expansion into Hy-Vee Supermarkets with a series of kiosks. That allowed them to introduce a hybrid shopping model, where customers can choose from a wide selection of glasses both online and offline.
Now let’s discuss the sales. It goes without saying that Pair Eyewear has seen a significant increase in sales since appearing on Shark Tank. As of 2022, their annual earnings are around $ 10 million.
Pair Eyewear has definitely come a long way since its appearance on Shark Tank and it’s safe to say that its founders have achieved success in creating a profitable business. They have managed to grow exponentially thanks to the support of both investors and customers alike.
With such dedication and hard work, it’s safe to say that Pair Eyewear is here to stay for the long haul. They continue inspiring children all around the world to be bold and express themselves through their glasses. We can only look forward to what else this innovative company will bring us in the future! [2]
Pair Eyewear Net Worth
The company has managed to achieve this milestone by focusing on providing quality products with amazing designs for an affordable price. They have also done well in working with some of the biggest names in entertainment and sports franchises. This has enabled them to tap into new markets and expand their reach even more.
And it seems like we can expect that value to increase even further in the coming years. With its new series of glasses, various licensing agreements, and now its entrance into Hy-Vee Supermarkets, Pair Eyewear is well on its way to becoming an even bigger success story. [3]
FAQ
How is Pair Eyewear doing?
Since appearing on Shark Tank, Pair Eyewear has seen tremendous success. Demand for the company’s stylish and affordable eyeglasses skyrocketed after their appearance on the show, with orders coming in from all over the US. The company was able to use its newfound visibility to expand its product line and grow sales significantly.
Their annual revenue is about $ 10 million and they now offer even more eyewear options. The company has used its newfound success to expand into direct-to-consumer sales as well as selling frames at optometry practices across the country. They have also struck deals with several national retailers, including Hy-Vee Supermarkets. This has allowed them to make their products more accessible to a wider range of customers.
How much is a Pair Eyewear company worth?
Pair Eyewear is a startup eyewear company founded. Since appearing at Shark Tank, the company has grown significantly and is currently valued at $ 11 million.
The company was founded by Nathan Kondamuri and Sophia Edelstein, who pitched their business idea to the Sharks on the show. Their unique approach of selling high-quality eyewear directly to consumers through an online platform has enabled them to grow quickly and reach a larger customer base. It also allowed them to keep costs down and offer more affordable prices than traditional brick-and-mortar stores.
Even though they failed to get an offer from the Sharks, they managed to secure additional funds in angel investments after the show. This gave them the capital they needed to expand their operations and focus on growth.
Pair Eyewear has been able to differentiate itself from its competitors by offering custom-fit glasses based on the customer’s face shape and size. This approach has enabled them to stand out from other eyewear companies, as well as attract more customers.
Did Pair Eyewear get a deal on Shark Tank?
While Pair Eyewear got an offer from Lori and Katrina at the show, they ultimately decided not to accept the offer. The owners of Pair Eyewear felt that the deal would have been too restrictive and wouldn’t allow them to achieve their long-term goals.
Despite not getting a deal on the show, Pair Eyewear has gone on to have success since. After the airing of their episode, they saw an increase in sales and continued to grow their business. The company was eventually able to secure funding from sources outside of Shark Tank and move forward with its vision of creating stylish, affordable eyewear.
Now they offer not only children’s glasses but adult eyewear as well. And they collaborated with some major franchises like Disney and Marvel to create stylish glasses with character designs.
Who is Pair Eyewear owned by?
Nathan Kondamuri and Sophia Edelstein are the two founders of Pair Eyewear. They are selling custom eyewear for children, and the glasses are all made in the USA. After appearing on Shark Tank, Pair Eyewear caught the attention of many customers, and their business has been growing rapidly ever since.
The two founders have successfully secured funding from several venture capital firms, including Mark Cuban’s forerunner fund. They also received investments from the other four ‘sharks’ on Shark Tank as well. With this additional funding, they were able to hire more staff and expand their product line significantly.
Useful Video: The Story Behind Pair Eyewear
Conclusion
Nathan Kondamuri and Sophia Edelstein wanted to make eyewear more appealing to wear for kids and adults. Despite the deal with the sharks not going the way they wanted, the pair has been pushing forward with their vision.
They have continued to make eyewear designs that appeal to a variety of people and have expanded their product line to include sunglasses, reading glasses, and more. They have also continued to partner with charities around the world, donating eyewear and providing access to those in need.
Pair Eyewear is still growing today and continues to be a leader in the eyewear industry. Despite the drama on Shark Tank, Nathan, and Sophia are happy with where they are now and continue to move forward with their mission of making eyewear fun for everyone.
The success of Pair Eyewear after Shark Tank shows that even when things don’t go as planned, a resilient spirit and dedication to your vision can help you achieve great things. It’s an inspiring story of success against the odds that will hopefully continue for many years to come.
Thank you for reading our epic guide on what happened to Pair Eyewear after Shark Tank! We hope that it gave you some insight into the product and its creators as well as providing useful tips for starting a business in the eyewear industry.
If you’re looking for more resources on entrepreneurship, be sure to check out our other guides! You’ll find helpful information on everything from growing your business to marketing strategies and more. Thank you again and best of luck with your own entrepreneurial ventures!
References:
- https://www.sharktankblog.com/pair-eye-wear-customizable-kids-glasses/
- https://www.sharktankblog.com/business/pair-eyewear/
- https://geeksaroundglobe.com/pair-eyewear-net-worth-update-before-after-shark-tank/