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PAIR Eyewear Raises $12M for its Direct-to-Consumer Eyewear Brand for Kids and Adults
20% of GenX required glasses during their childhood; today that is closer to 40% according to the American Academy of Ophthalmology. This rise has been attributed to increases in screen time and devices and is expected to only continue. PAIR Eyewear is a direct-to-consumer customizable eyewear brand that's built for the increasing number of youth requiring glasses. The company's glasses start at an accessible $60 for the base prescription frame and each pair can be customized with interchangeable snap-on tops ($25) to allow for expression of style and preference. Customers can design their perfect pair of glasses from over 500 combinations; a stark change from the monochromatic traditional eyewear offerings available to kids. PAIR has grown 30% month-over-month during the pandemic, as the interest in affordable eyewear increased, fueled by the rush to digital along with a number of strong brand partnerships with Marvel, Harry Potter, Sesame Street, and others. PAIR serves the entire family as it also offers styles for adults.
AlleyWatch caught up with Cofounder and Co-CEO Sophia Edelstein to learn more about the eyewear market, the company's impressive traction, future plans, and latest round of funding, which brings the total funding raised to $13.5M.
Who were your investors and how much did you raise?
This week we announced a $12 million Series A fundraising round. The round was led by Alex Gurevich at Javelin Venture Partners with participation from Norwest Venture Partners, Precursor Ventures, Bolt, Gingerbread Capital and other strategic investors including NFL player Christian McCaffrey, David Rogier, the Founder and CEO of Masterclass, among others.
Tell us about the product or service that PAIR Eyewear offers.
PAIR is the first direct-to-consumer, customizable eyewear brand for kids and adults alike. PAIR delivers $60 prescription glasses and customizable top frames for $25 that allow a consumer endless possibilities to express and share their dynamic style. Through limited edition drops and licensed partnerships, PAIR has created an endlessly versatile, affordable eyewear company that lets you be you.
What inspired the start of PAIR Eyewear?
Our Co-CEO and Cofounder, Nathan Kondamuri began wearing glasses when he was 7 years old and found the experience dreadful. While everything else about your style like your clothes and your shoes was something dynamic that you could change on a daily basis, glasses just felt like a static medical device. While undergraduate students at Stanford, Nathan and I teamed up to re-design the business model and product design of a PAIR of glasses.
How is PAIR Eyewear different?
It begins with our unique product that has led to a change in behavior in our customers. Before PAIR, the eyewear category offered prescriptive, limited style with a price target that limited optionality. With the average pair of prescription glasses costing $300-$400 glasses were always a one-off expensive medical device that lacked a deeper meaning of personal style. With PAIR, we have created the first razor razorblade model for the eyewear category that brings our customers back multiple times a month to expand their PAIR top frame collections all for an affordable price point.
PAIR also allows a customer to express their ever-evolving personality through licensed collaborations with some of the biggest international brands such as Marvel, Harry Potter, NBA Teams, and Sesame Street.
What market does PAIR Eyewear target and how big is it?
PAIR's market is the $140 billion global eyewear market.
What's your business model?
We sell prescription and non-prescription glasses for $60 and customizable Top Frames for $25. We keep our customers coming back month-after-month through limited edition and licensed Top Frame drops.
How has COVID-19 impacted the business?
Eyewear is an essential recession-proof product and COVID-19 has shown us that people are searching for an affordable, easily accessible, and more personalized eyewear product. PAIR has been able to grow over 30% MOM since COVID-19 first hit the US in March. We have built something unique that deeply and emotionally resonates with customers young and old and our growth shows that.
What was the funding process like?
We are lucky to have been able to find the perfect board member and lead investor partner in Alex Gurevich and Javelin Ventures to help us build an iconic consumer brand. Along with Javelin, we had incredible support from existing investors who have been with us from the start as well as newer investors who understand and support our vision of building the next modern-day eyewear brand that harnesses technology to empower self-expression and confidence.
What are the biggest challenges that you faced while raising capital?
Due to COVID-19 our entire fundraise happened over Zoom. While it was nice not flying back and forth between the coasts, fundraising over Zoom does not allow you to form the same kind of personal connections with investors that we would have otherwise in person.
What factors about your business led your investors to write the check?
Investors recognized just how much PAIR and our business model is resonating with our customers. Through our technology and product innovations, our 3x high LTV than the typical eyewear company, and our rapidly growing community of devoted customers, investors recognized that we have the ability to become the next large global eyewear company.
What are the milestones you plan to achieve in the next six months?
With this new funding, we will be focusing on growing to serve as many customers as possible and providing all customers with a more personalized eyewear solution. We will be using this funding to also invest in our technology, R&D, and team.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
If you focus on building a business model with high product margins, true customer lifetime value, and a path to profitability the money will come.
When taking money from investors make sure they align with your vision and are just as passionate about your product and company as you are.
Where do you see the company going now over the near term?
We are building PAIR to be the next modern global eyewear brand. There is so much more to build and we're just getting started!
What's your favorite outdoor dining restaurant in NYC
Claro in Brooklyn! They serve incredible authentic Oaxacan food and drinks from a beautiful and spacious outdoor patio.
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Tags: Sophia EdelsteinBoltChristian McCaffreyDavid RogierGingerBread CapitalJavelin Venture PartnersNathan Kondamurinorwest venture partnersPair EyewearPrecursor Ventures
The NYC Venture Capital Firm News Digest: 4/2/2021
The Weekly Notable Startup Funding Report: 4/5/21