Pair Eyewear focuses on adult glasses as it takes in $60M – TechCrunch

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Buying new glasses was about finding the right pair to fit everything until you needed the next set. Pair eyewear I rotated my head with a magnetic frame called the top frame. This allows people wearing glasses to change their style on any outfit or occasion for just $ 25.

Between 2020 and 2021, the pair increased its revenue tenfold year-on-year, attracted investor attention and invested $ 60 million in new Series B funding into the company for a total of $ 73.5 million. Funded. Investors such as NEA’s Rick Yang, NFL player Christian McCaffrey, Olivia Culpo, Sterling K. Brown, YouTube and pro gamer Ninja participated in the round.

We introduced Pair and its co-founders Sophia Edelstein and Nathan Condamli in April, secured by the company. $ 12 Million in Series A Financing.. At that time, the company was touting a top frame that could be replaced with a magnetic base frame for children.

“One of our main priorities was to expand. We launched a complete adult collection and started to grow, focusing on children,” Edelstein told TechCrunch. rice field. “We were capitalized, but investors were very interested. The good performance of the adult collection and after meeting Rick, we partnered and raised more capital to grow. It makes sense to let them do it. “

Since Series A, the company has won license agreements with brands such as Marvel, Major League Baseball and Harry Potter. Pair eyewear started with four people in 2020 and currently has 65 full-time employees, most of whom participated in 2021, Condamri said. In addition, as more adults are looking for top frames for their children’s eyeglasses, the company has launched a lineup of adult top frames, Edelstein said.

The new capital will allow the company to continue to grow, according to Condrumli. By 2022, the company will attract a broader customer base, grow its team and offer its own products. In addition to the current license agreement, the company plans to add more brands in the areas of celebrity, art and sports to its list, which includes DC Comics and Sesame Street.

What they learned was that as pair eyewear took advantage of more social media coverage, adults were also looking for ways to continually change their style.

Image credit: Pair eyewear

“They want to match their glasses to their outfits and moods, and we find that adults are even better customers because they buy them faster for themselves.” Edelstein said. “Currently, we have a customer who owns hundreds of tops. TikTok has thousands of posts and we’re turning them on.”

If the pair announcement is any sign, the direct-to-consumer eyewear market is very strong. Other companies are working to make their glasses more hip. Cheetah’s Club, Warby Parker was successful when it was successful. Public debut by direct listing During September. Edelstein believes that Pair Eyewear differentiation is a leather blade business model that brings customers back every month when a new style falls.

At the macro level, Mr. Yang said that the pair enables a new category of consumer fashion, and looking at how consumer behavior has changed over the years, it’s organic about what the company is doing. I say there is a lot of excitement.

In fact, Yang added that the repeatable business model of pairs is evidence of why Yang himself owns the number of top frames he does.

“It’s one that fits the product market, but the more exciting part is changing the way people think about eyewear,” he said. “What Pair is doing is not only a capital efficient way, but some numbers look like software and it’s exciting. To me, an overlay of the big consumer trends they’re riding, And making it possible in many ways is an important part of our investment dissertation. “

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