The first direct-to-consumer customizable eyewear brand aims to use its latest round of funds to expand its U.S.-based lens lab and in-house manufacturing as well as grow its customer base around the world.
NEW YORK, Oct. 10, 2023 /PRNewswire/ — Pair Eyewear, the first direct-to-consumer customizable eyewear brand that is completely reimagining the eyewear industry, announced today that it has raised approximately $75 million in Series C funding. The latest funding round was led by Prysm Capital, with returning investors New Enterprise Associates (NEA), Javelin Venture Partners and continued support from famed NFL player Christian McCaffrey, who also contributed to the Series B raise. To-date, the company has raised $145 million in funding.
Pair has seen revenues grow by 24x from 2020 to 2023 and is already on track to double its year-over-year revenues in 2023. The newest funds will be used to invest further in its automation technology, expand its U.S.-based lens lab to create best-in-class quality lenses, and continue to expand its product line. The company has ramped up its U.S. manufacturing and now produces all lenses at its facility in Irvine, California, where the brand employs close to 90 people. A second facility will open in the near future.
Pair Eyewear makes prescription glasses affordable at just $60, which is well below the $300 average price point. Pair customers can also change their eyewear designs as often as they change their personal styles, with customizable Top Frames starting at $25 each and new collections launching three times per month. Affordable customization encourages customers to buy multiple frames per year, in contrast with the legacy model of a single glasses purchase every three years, leading to superior unit economics and gross margins.
“Nathan and I developed Pair with a unique premise of providing people globally with eyewear as dynamic as you are. We are beyond humbled by the love and support we’ve received from both Pair’s incredible customers and investors,” said Pair Eyewear Co-CEO and Co-Founder Sophia Edelstein. “We plan to capitalize on Pair’s brand power and innovations to continue growing with a goal of achieving household name status not only in the United States but around the world.”
Pair Eyewear is proud to keep investing in research and development on the heels of its fully integrated U.S. manufacturing facility. Since inception, the brand has developed a family of patents around customizable technology, further pushing innovation in an outdated industry. Additional patents are expected in 2024.
“At Prysm, we seek to partner with exceptional entrepreneurs and management teams who are building disruptive companies, and we have found that with Sophia, Nathan and the Pair team,” said Matt Roberts, Co-Founder and Partner at Prysm Capital. “With a differentiated and customizable product, an ecosystem of brand partnerships and a focus on community, Pair is loved by its customers. Further, the company’s continued innovation and investment in automation technology have reinforced their ability to execute on the growth opportunity ahead, and we look forward to partnering with the team on their expansion journey.”
“In addition to bringing a fresh look and business model to a legacy industry, Pair is leading its segment thanks to a vertically integrated supply chain and automated manufacturing processes. The factory has been a big factor in the company’s success,” said Rick Yang, Partner and Head of Technology at NEA. “They’re not just bringing a greater variety of better products to people. They’re doing it in a far more efficient and cost-effective way, which translates to more affordability and access for customers.”
Due to the highly interactive nature of Pair’s products, the Base Frame and Top Frame duo have become popular on social media, especially TikTok, where the brand has garnered a cult-like following, obtaining hundreds of millions of views with its hashtag #WearPair. TikTok alone drives over 25% of the brand’s total sales and millions in revenue
About Pair Eyewear:
Pair Eyewear, the first direct-to-consumer customizable eyewear brand reimagining the consumer experience for individuals with glasses, allows adults and children alike to quickly and easily customize the look of their glasses anytime, anywhere. Pair Eyewear provides the world’s first patented and high-quality, affordable glasses with an engaging digital experience for just $60 per pair, including prescription lenses. Pair Eyewear was the first company to invent fashionable switchable top frames that attach to a base pair of glasses and is recognized for its technology to bring affordable personalization and creativity to the market. The brand’s large and expanding selection of 1,000-plus customizable Top Frames includes limited edition monthly drops and licensed designs from brands such as DC, NHL, MLB, Marvel, Harry Potter, Sesame Street, The NBA, Van Gogh, Frida Kahlo, and more for optical glasses, sunglasses and blue light glasses, all available in both prescription and non-prescription models. For more information please visit www.paireyewear.com or @PairEyewear on Instagram and TikTok.
About Prysm Capital
Prysm Capital is a growth equity firm focused on partnering with founders and management teams who are disrupting industries and building category-leading companies. With offices in New York, Princeton and San Francisco, Prysm acts as a flexible source of growth capital for companies in the technology and consumer sectors. For more information, visit www.prysmcapital.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. Founded in 1977, NEA has over $25 billion in assets under management as of March 31, 2023, and invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of investing includes more than 270 portfolio company IPOs and more than 450 mergers and acquisitions. For more information, please visit www.nea.com.
About Javelin Venture Partners
Founded in 2008, Javelin Venture Partners is a venture capital firm based in San Francisco, managed by former entrepreneurs who have first-hand experience developing companies from concept to thriving enterprise. Javelin invests in early-stage technology companies with large addressable markets and strong competitive advantages. The firm is an active investor with a long-term outlook, and is helping the next generation of founders build world-changing companies. Notable portfolio companies include Thumbtack, MasterClass, Niantic Labs, SmartAsset, and Carbon Health, amongst others.
SOURCE Pair Eyewear
Originally published at https://www.prnewswire.com/news-releases/pair-eyewear-announces-75m-series-c-funding-round-as-it-touts-revenue-growth-and-enhanced-automated-us-manufacturing-301952309.html
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