NEW YORK — Pair Eyewear, which makes customizable glasses for children, landed a deal during its appearance on ABC’s “Shark Tank.”
Co-founders Nathan Kondamuri and Sophia Edelstein made an agreement with two Sharks: Lori Greiner and Stitchfix’s CEO Katrina Lake. Their appearance aired on March 6.
The deal calls 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 recoup their investment. In addition to Greiner and Lake, Sharks appearing in the episode were Mark Cuban, Kevin O’Leary and Robert Herjavec.
“At PAIR, we’re changing the narrative around what glasses can be and are helping kids express themselves and feel more confident in their daily lives,” Edelstein said. “We’re thrilled that the Sharks recognized the value we can bring to the market, and we look forward to sharing our mission with the broader Shark Tank audience.”
Before launching, the duo partnered with the former head of product from Warby Parker and interviewed over 400 children who helped inspire the design of Pair Eyewear’s patent-pending collection of durable, lightweight base frames and interchangeable magnetic top frames.
The Pair Eyewear team beat out 45,000 other entrepreneurs for their spot in the Tank. The company had already raised $3 million in venture capital.
“With PAIR, children can now change the style of their eyewear daily, just as easily as they can change their clothes or shoes,” the company said in a press release.
The episode (ep. 1106) can now be viewed on demand and on Hulu.