NEW YORK — PAIR Eyewear, direct-to-consumer brand of customizable eyewear, has closed of a $12 million investment round.
“We are so honored to have an incredible team of investors behind us as this round of funding will be pivotal for the brand’s future growth,” said PAIR Eyewear co-CEO and co-founder Sophia Edelstein. “We can’t wait to expand the brand across categories, grow our internal teams and bring forth even more exciting collaborations for our customers while maintaining our unbeatable pricing.”
The Series A round was led by Alex Gurevich at Javelin Venture Partners, with participation from Norwest Venture Partners, Precursor Ventures, Bolt, Gingerbread Capital and other strategic investors including NFL player Christian McCaffrey, David Rogier, founder and CEO of Masterclass, and others.
The brand landed a deal during its appearance on ABC’s “Shark Tank,” which aired on March 6, 2020.
The deal called for $400,000 for 10 percent of the company, in addition to a royalty structure of $1.50 on each pair of glasses until the Sharks recouped their investment.
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According to a press release from the company: “PAIR prioritizes boosting confidence and making the process as painless as possible for those that wear glasses. Their innovative product allows children and adults alike to change their glasses as often as they change their personal style, with customizable Top Frames starting at $25 each and new collections launching twice a month. PAIR also employs a unique supply chain that allows them to keep the price of their glasses affordable at just $60, including prescription lenses – well below the $300.00 average price point for a pair of prescription glasses.”
The release also noted: “Part of PAIR Eyewear’s exponential growth can be attributed to their monthly limited edition collection drops which includes partnerships with brands like Marvel, Harry Potter and NBA teams. Sophia Edelstein and Nathan Kondamuri have added new funding to expand their product lines, brand partnerships and to grow their team across all departments.”
Alex Gurevich of Javelin Venture Partners said: “PAIR Eyewear has created the most exciting eyewear business model we’ve ever seen while maintaining their commitment to providing quality, accessible and affordable glasses for all. The confidence and excitement both kids and adults feel by wearing PAIR only underscore the brand’s vast potential to make wearing glasses fun again. Sophia and Nathan have such a strong vision and are truly incredible leaders and operators. We are so excited to support PAIR Eyewear and their mission to bring fun, customizable, and affordable glasses to all.”
