Pair Eyewear Shark Tank Update – Shark Tank Season 11
Nathan Kondamuri and Sophia Edelstein pitch Pair Eyewear, customizable children’s glasses, hoping for investment to expand their innovative eyewear business.
Why does wearing glasses often feel like a medicinal necessity rather than a fun accessory? This perception stems from the traditional approach of the eyewear market. The entire process of getting a pair of glasses is very tedious, and not to mention it is quite expensive, too!
A company called Pair Eyewear came to Shark Tank (Episode 1106) with a business that promises to change this dynamic.
Nathan Kondamuri and Sophia Edelstein founded Pair Eyewear in 2017 with the intention of making wearing glasses fun for everyone! You’ll read more about their product and services later in this article, but to give you a gist—their glasses offer continuous customization and affordability.
Will the sharks like their business idea enough to invest in it?
About Pair Eyewear
| Category | Details |
| Founder (Plural if multiple) | Nathan Kondamuri and Sophia Edelstein |
| Product Type | Customizable children’s glasses with interchangeable clip-on frame |
| Funding (Pre-Shark Tank) | Self Funded |
| Investment Asked | $400,000 |
| Equity Offered | 10% |
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What Happened on the Shark Tank Episode?
Nathan Kondamuri and Sophia Edelstein hope the Sharks see the light and invest in Pair Eyewear, their line of children’s glasses, in Shark Tank Season 11. The entrepreneur duo explained the story behind their business, covering the past and present, hoping to have a glorious future.
They told Sharks that they went to Stanford together and did a lot of research before starting the business. Nathan always wore glasses and didn’t find it an enjoyable experience. He thinks glasses should be fun, but he always viewed them as “just a medical device.”
They realized kids’ glasses were too expensive and wanted to disrupt the space a bit. After interviewing hundreds of families, they realized parents wanted a more economical option, and kids wanted glasses they could change up. Nathan and Sophia brought on a former Warby Parker products guy and launched Pair Eyewear in early 2017. They sell five styles of base frames for kids for $95 a pair. For another $35, you can buy customized clip-on frames that attach to the glasses, giving them a completely different look. They also sell sunglasses with the same styles and features.
To simplify customer selection, Pair Eyewear ships cardboard mock-ups, reducing return shipping. They also follow a ‘buy one, give one’ model, partnering with The Eyelliance. Having already secured $1.15 million in funding, they’re aware of the competitive landscape, with Warby Parker now entering their kids’ market, and they’re looking for a Shark’s expertise to gain a competitive edge.
What Makes Pair Eyewear Unique?
Pair Eyewear allows customers to purchase a base frame and then customize their look with a variety of magnetic “top frames.” This means you can easily switch up your style without needing multiple pairs of glasses.
This method is a cost-effective and convenient way to express personal style and adapt to different occasions.
Read more about Pair Eye Wear – Customizable Kid’s Glasses on the Shark Tank Blog.
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Did Pair Eyewear Get a Deal on Shark Tank?
Nathan and Sophia enter seeking $400,000 for 10% of the business. They explain the product and hand out samples. The entrepreneurs impress the Sharks, but there is a lot of concern about the number of other investors and about the huge amount of competition in the eyewear business. The Sharks did like the concept, though.
Lori and Katrina want to make an offer, but they are still concerned with competition. They’re also concerned with the amount of other investors. The two Sharks offer $400,000 for a 10% PLUS a $2 per pair royalty until their investment is recovered. Lori says she expects the entrepreneurs to understand that they would make a lot of profit with her and Katrina and that they shouldn’t mind paying royalty.
Nathan explains that doing a royalty deal could hinder their journey, but after a little more negotiation, both parties come to a common ground for $400,000 for a 10% PLUS a $1.50 per pair royalty unit.
What Happened to Pair Eyewear After Shark Tank?
Once an episode has aired, we track the progress of the businesses featured. Find out if they receive funding or not and report on their progress. The deal with Lori and Katrina never closed. Since airing in early March 2020, the nation has been in lockdown due to the Covid-19 pandemic. Since then, the company has introduced a new Future is Bright Collection and Hearts of Hope Collection. All net proceeds from these two collections will be used to support children affected by COVID-19 by providing them with food and books.
In a counter move to Warby Parker, Pair now offers adult glasses, too.
In April 2021, Pair Eyewear raised $12 million in Series A funding. By December 2021, they secured an additional $60 million in Series B funding. They also secured licensing deals with Sesame Street, Harry Potter, Marvel, and the NBA. As of July 2021, they had annual revenue of $9 million.
In September 2021, the company announced it would be setting up kiosks in the Hy-Vee Supermarkets chain. This will allow them to “offer a hybrid shopping experience for Hy-Vee customers, allowing them to try eyewear frames on in stores and place prescription and non-prescription orders online through the in-store kiosk,” according to a Hy-Vee press release.
As of May 2022, they are going strong with projected revenue of $10+ million for the year. By April 2023, 60% of their customers were adults, and annual revenue was $10 million.
In October 2023, the company raised another $75 million from New Enterprise Associates and Prism Capital. By June 2024, they were selling glasses in the U.K. and Australia. They also opened a second manufacturing facility. By the end of 2024, their glasses will be in America’s Best stores and 1,200 National Vision stores. In the past 2 years, they’ve sold over 3 million frames. Annual revenue at this time is $22 million and they’re predicting to double that in 2025 with more international expansion.
Where Can You Buy It?
Customize your look with Pair Eyewear’s interchangeable toppers, available on their official website. Ditch the boring, single-style glasses and find endless options by ordering your Pair Eyewear frames and toppers from Amazon.
Want to learn more about the company and its unique eyewear concept? Check out their website. Stay updated on their latest topper designs and style inspiration by following them on social media.
Quick Summary
- Nathan Kondamuri and Sophia Edelstein present Pair Eyewear, customizable children’s glasses, on Shark Tank.
- They seek $400,000 for 10% equity to grow their business.
- They secure a deal with Lori Greiner and Katrina Lake for $400,000 for 10% equity plus a $1.50 per pair royalty until the investment is recouped.
