Pair Eyewear Secures $12 Million in Series A Funding

Pair Eyewear has successfully completed a $12 million Series A funding round, aiming to transform eyeglasses into a means of personal expression for both children and adults. Co-CEO Sophia Edelstein highlighted this objective, emphasizing the potential for eyewear to become a statement piece.

Edelstein, alongside co-CEO Nathan Kondamuri, pointed out the significant financial investment in eyeglasses and the limited options for stylistic changes compared to other wardrobe items.

A Two-Piece Eyewear System

Pair Eyewear introduces a novel approach to eyewear with its two-part system. This consists of a foundational base frame, incorporating the wearer’s prescription, and a collection of magnetically attachable top frames. Users can effortlessly switch these top frames to alter their look as desired.

“This allows for dynamic styling,” Edelstein explained, “enabling a shift from bold statements to more understated appearances.”

Expanding Style Options

The company regularly introduces three new, limited-edition collections of top frames each month. Furthermore, Pair Eyewear has established collaborations to produce branded top frames featuring popular franchises like Marvel, Harry Potter, and NBA teams.

Customers demonstrate a strong affinity for variety, with an average purchase of five top frames.

“The dedication of our customers is remarkable,” Edelstein noted. “Some individuals have amassed collections exceeding 90 frames, showcasing them prominently in their homes.”

Investment Details and Board Addition

The funding round was spearheaded by Alex Gurevich of Javelin Venture Partners, with contributions from Norwest Venture Partners, Precursor Ventures, Gingerbread Capital, NFL player Christian McCaffrey, MasterClass CEO David Rogier, and others.

Gurevich is now joining Pair’s board of directors. He shared a personal anecdote about the challenges of getting his son to wear glasses, ultimately succeeding by framing them as a means to resemble Clark Kent.

“Shortly after, I encountered the Pair team, who presented me with Spider-Man and Superman-themed glasses,” Gurevich recounted. “I realized the potential immediately – had I possessed these, the struggle would have been avoided.”

Gurevich also expressed his admiration for the team’s passion and the innovative business model, which he likened to a “printer and cartridge” or “razor blade” model applied to the eyewear industry.

Pricing and Cost Savings

Pair offers base frames for $60, with each additional Top Frame priced at $25. The company accommodates payments from Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), and customers may also be eligible for reimbursement through out-of-network vision insurance benefits.

However, Edelstein indicated that the affordability of Pair Eyewear, often priced below the $300 average, often negates the need for insurance claims.

These cost savings are attributed to a unique manufacturing process and a departure from conventional industry markups.

“We maintain substantial margins on both the base frames and the lenses,” she affirmed.

Growth and Future Plans

Since its appearance on Shark Tank in March of the previous year, Pair Eyewear has experienced a consistent 30% month-over-month growth rate. Edelstein believes this demonstrates the business’s resilience, even during economic downturns, and the enduring appeal of customizable eyewear.

Initially focused on children’s eyewear, the company now sees 60% of its purchases originating from adults. This shift has occurred despite the fact that the initial five base frames were designed for children, with only two currently suitable for adult sizing.

The new funding will be allocated towards expanding the product line, with a particular emphasis on developing more options tailored to adult consumers.