Pair Eyewear’s Business Model and Ongoing Success
Eyeglasses and frames startup Pair Eyewear works differently than most major companies by offering a two-frame pair of glasses. The base frame holds the prescription lenses and remains largely similar to most other businesses in the industry. The top frame is where the startup differentiates itself since it’s interchangeable, which allows users to constantly swap it out for different colors or designs by magnetically attaching it to the base.
The detachable top frame allows the startup to offer updates and changes to glasses at a fraction of the cost of a traditional company. The startup is seeing significant success because of this as well. In fact, Pair Eyewear has already partnered with several major companies and organizations such as Marvel, the NBA, and Harry Potter to create custom lines of frames.
From a business standpoint, since last March, the company has experienced a consistent 30% month-over-month growth period that has helped them expand significantly. The scope of the company has grown as well from initially focusing primarily on children’s glasses to now seeing 60% of sales coming from adult glasses consumers.
Pair Eyewear’s Funding and Future Plans
In the startup’s Series A funding round, Pair Eyewear raised $12 million. The funding round was led by Javelin Venture Partners with participation from Norwest Venture Partners, Precursor Ventures, Bolt, Gingerbread Capital, and several individual strategic investors.
The eyewear company will use the funding in order to expand its current product line, partner with more marquee brands, and hire a larger team of employees. These efforts will help them establish themselves as a major player in the eyewear market.
The funding for the business comes as the global eyewear market continues to grow. Valued at $147.6 billion in 2020, the market is projected to grow at a compound annual growth rate of 8.5% over the next eight years. The company is set to take part in that growth with the new funds they acquired.
When commenting on the latest funding that Pair Eyewear received, Alex Gurevich of Javelin Venture Partners said, “PAIR Eyewear has created the most exciting eyewear business model we’ve ever seen while maintaining their commitment to providing quality, accessible, and affordable glasses for all. The confidence and excitement both kids and adults feel by wearing PAIR only underscore the brand’s vast potential to make wearing glasses fun again. Sophia and Nathan [Co-founders] have such a strong vision and are truly incredible leaders and operators. We are so excited to support PAIR Eyewear and their mission to bring fun, customizable, and affordable glasses to all.”
About the Author
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.