Highlights
- Rick Hopper pitches ReadeRest, seeking $150,000 for 15% equity, offering a magnetic eyeglass holder designed to securely attach to clothing.
- Before Shark Tank, Hopper was making his patented eyeglass holders by hand.
- Post-show, ReadeRest achieved tremendous growth, selling out on QVC in five minutes and reaching $13 million in sales over three years.
Overview
| Category | Details |
|---|---|
| Name | ReadeRest |
| Founder | Rick Hopper |
| Industry | Eyeglass Accessories |
| Product | Magnetic eyeglass holder for securing to clothing |
| Funding | Sought $150,000 for 15% equity on Shark Tank |
| Investment Ask | $150,000 |
| Equity Offered | 15% |
| Valuation | $1 million |
ReadeRest entrepreneur Rick Hopper knew what he was doing when he literally fell into the Shark Tank in episode 302. The life long inventor wanted to demonstrate that his magnetic eyeglass holder would work, and it did. The ReadeRest uses high-powered magnets to secure a simple eyeglass clip to just about any article of clothing, providing a secure, convenient place to hang eyeglasses without worrying about dropping or losing them. Prior to appearing on Shark Tank, Hopper was making his patented eyeglass holders by hand. Rick knew he had a winning product, but he didn’t have the resources to make it the mass market item he believed it could be.
ReadeRest Pitches The Sharks
Rick was seeking $150K for a 15% share in the business. Prior to appearing in the Shark Tank, Rick had sold around $65K worth of product and had made over 100,000 of the eyeglass holders by hand. He needed help with manufacturing and distributing.
Did ReadeRest Get A Deal?
Robert thought there was too much work involved, Kevin didn’t like the valuation, and Daymond didn’t think it had mass appeal; they went out. Lori Greiner, who claims to instantly know the difference between “a hero and a zero,” offered $150 for 65%. She told Rick she would make him a millionaire. Mark Cuban went out after hearing Lori’s offer and Rick took her deal.
ReadeRest Shark Tank Update
Lori helped Rick get out of his garage and secured manufacturing for the ReadeRest. She put the product on QVC and it sold out in five minutes! Greiner and Hopper project over $6 Million in sales in 2012. Hopper was featured in a follow-up segment and is one of the biggest success stories of season 3. With over 126 million eyeglass wearers in the USA, the market is HUGE. Lori Greiner made good on her promise: ReadeRest has made Rick Hopper a millionaire. In the three years following the initial air date, they did $13 million in sales. The company also started selling reading glasses. As of April, 2024, the company has annual revenue of $5 million.
Posts about ReadeRest
ReadeRest Information
More products from this episode! Check out other businesses that participated alongside ReadeRest.
These have so many more uses, I use them to hold my blouse together, to hold sleeves up, if you can embellish upon them with decorative things for clothing, the possibilities can be endless
Readerest phone number is no longer in service. They took my money for an order in 2023 October, confirmed the order, but have not delivered, and don’t answer email.