Buying new glasses used to be all about choosing the perfect pair that would match everything until the next pair needed. Pair Eyewear flipped this on its head with Top Frames, magnetic frames that allow glasses users to alter their design with each dress or event for as little as $25. Between 2020 and 2021, Pair raised its sales 10 times year over year and drew the attention of investors who put $60 million of fresh Series B funding into the firm to give Pair $73.5 million in total funding.
NEA’s Rick Yang, NFL athlete Christian McCaffrey, Olivia Culpo, Sterling K. Brown, and YouTube and professional gamer Ninja were among the investors in the round. When Pair raised $12 million in Series An investment in April, we covered the firm and its co-founders Sophia Edelstein and Nathan Kondamuri. The firm was promoting its magnetic base frame and replaceable Top Frames for kids at the time.
“We released a full adult collection and started expanding,” Edelstein told TechCrunch. “One of our key focuses was to expand, and while we are focused on children, we launched a full adult collection and started growing.” “We were funded, but there was a lot of interest from investors.” It seemed logical to combine and put together more funds to develop given how well the adult collection was performing and after meeting with Rick.”
Since its Series A, the firm has signed license agreements with Marvel, Major League Baseball, and Harry Potter, among others. Pair Eyewear started with four workers in 2020 and today has 65 full-time employees, the majority of whom started in 2021, according to Kondamuri.
In addition, since more adults desired Top Frames for their spectacles as they did for their children’s, the business launched an adult Top Frames line, according to Edelstein. According to Kondamuri, the fresh financing would allow the firm to continue developing. In 2022, the firm plans to expand its consumer base, hire more people, and provide innovative goods.
In addition to existing licensing deals, the firm will add more celebrity, art, and sports-related brands to its roster, which already includes DC Comics and Sesame Street. Adults were also looking for a means to modify their style on a regular basis as Pair Eyewear gained greater social media exposure.
“They want to match their glasses to their clothing and moods,” Edelstein said. “We found that grownups are even better clients since they buy for themselves more quickly.” “We now have consumers who possess hundreds of tops, and there are thousands of TikTok videos of people turning them on.” The direct-to-consumer eyewear sector is performing extremely well if Pair’s statement is any clue. Other firms, such as Cheeterz Club, are attempting to make spectacles more fashionable, while Warby Parker achieved success when it went public via a direct listing in September.
Pair Eyewear’s distinction, according to Edelstein, is its razor blade business strategy, which attracts customers back on a monthly basis as new models released. At a global level, Yang claims that Pair has allowed a new consumer fashion sector and that there is organic enthusiasm for what the firm is doing based on how consumer behavior has changed over time.
In fact, Yang claims that Pair’s recurrent and repeating business strategy is one of the reasons he owns so many Top Frames. “It’s one of those things where the product-market fit is good, but the more fascinating part is altering people’s perceptions about eyeglasses,” he added. “Not only is what Pair is doing capital-efficient, but some of the figures appear software-like, which is intriguing.” The overlay of a large consumer trend they are riding, and in many ways supporting, is an essential component of our investment thesis in my opinion.”
