Pair Eyewear Announces a $60M Series B Led by NEA and Connect Ventures
Pair Eyewear’s latest financing round will enable the brand to fuel continued growth while further reimaging the glasses wearing experience
NEW YORK, December 14, 2021-- Pair Eyewear, the first direct-to-consumer, customizable eyewear brand that is completely reimagining the eyewear industry, founded by Forbes 30 Under 30 Co-Founders Sophia Edelstein and Nathan Kondamuri, announced today the closing of a $60M Series B fundraise, the largest Series B ever raised by an eyewear company. The investment comes on the heels of the company’s $12M Series A round a mere eight months earlier in April, bringing the brand’s total funding to $73.5M to date. Motivated by the brand’s vision, explosive growth, and industry disrupting business model, the latest round was led by Rick Yang who heads the firm’s consumer investing practice at NEA, and Connect Ventures, an investment partnership between leading entertainment and sports agency Creative Artists Agency (CAA) and global capital firm New Enterprise Associates (NEA). Javelin Ventures, Norwest Venture Partners, in addition to strategic investors including NFL player Christian McCaffrey, NBA player D'Angelo Russell, Olivia Culpo, Sterling K. Brown, internet personality Lachlan Ross Power, professional gamer and entertainment personality Tyler "Ninja" Blevins and the YouTube gaming and comedy brand KREW also joined the round.
“To have such an incredible group of investors involved in Pair’s growth is both a privilege and testament to the brand’s mission and vision,” said Pair Eyewear Co-CEO and Co-Founder Sophia Edelstein. “Pair Eyewear’s unique approach and innovations have helped distinguish us as a major disruptor and we are so fortunate to continue this journey alongside some of the brightest minds in the industry.”
“Since day one, it has always been our goal to bring more choice and personality to the glasses buying experience," said Pair Eyewear Co-CEO and Co-Founder Nathan Kondamuri. "As we continue to expand at a rapid rate, we look forward to working with this incredible group of investors to take the brand to the next level and bring Pair Eyewear to the masses."
Sophia Edelstein and Nathan Kondamuri founded Pair in 2017 while they were still undergraduates at Stanford University as a truly disruptive first of its kind razor-razorblade alternative to traditional one and done eyewear models, reimagining the customer experience for those with glasses. After landing a deal on Shark Tank in 2020, Pair Eyewear has experienced 10X year over year growth from 2020 to 2021, launched a full adult line, and forged successful licensing deals with brands including DC, MLB, The NHL, Marvel, Harry Potter, Sesame Street, and more. A brand differentiator and key factor to their success is Pair Eyewear’s innovative modular eyewear which consists of a Base Frame and interchangeable Top Frames which have carved out an entirely new, retention focused business model within the eyewear space. With the brand’s latest funds, Pair Eyewear will continue to accelerate their product innovations and overall brand growth.
“Purchasing eyewear used to be based on necessity, but Pair has changed the direct-to-consumer experience by making glasses that are not only high quality and affordable, but also fun,” said Rick Yang, General Partner & head of consumer investing at NEA. "Sophia and Nathan’s vision to transform eyewear into a personalized vessel for self-expression, combined with their innovative business model and deep focus on R&D, has resulted in undeniable enthusiasm from consumers. We are thrilled to partner with the Pair team as they build a global eyewear company and change the way people think about glasses.”
"Since leading the Series A earlier this year, I have been beyond impressed by the vision, ambition, and operational excellence of Sophia, Nathan, and the entire Pair Eyewear team. With a product that customers obsess over, and a one-of-a-kind repeat business model in the direct-to-consumer space, Pair Eyewear is going to be a household name and one of the largest global eyewear brands in history. After a year of astounding growth and phenomenal execution by the team, it was a no-brainer to double down on our investment alongside NEA," said Alex Gurevich Managing Director Javelin Ventures.
“I’m excited to partner with Pair Eyewear to be a part of its continued growth as it leads the way in reinventing the eyewear category,” said Investor Christian McCaffrey. “Pair Eyewear not only provides an affordable, high-quality option for glasses wearers of all ages but offers a truly personalized experience designed for how consumers are shopping today. I deeply resonate with Nathan and Sophia’s passion for delivering innovative products that are fundamentally changing the way we think about glasses and transforming them into an empowering form of self-expression.”
Pair Eyewear is focused on boosting confidence and making the buying process as painless as possible for those that wear glasses. Their innovative product allows children and adults alike to change their glasses as often as they change their personal style, with customizable Top Frames starting at $25 each and new collections launching three times a month. The limited-edition Top Frames have become something of a collector’s item with brand loyalists. Due to the highly interactive nature of Pair’s products, the Base Frame and Top Frame duo became a mainstay on social media, namely TikTok, where the brand has garnered a cult-like following, accounting for over 10% of the brand’s total sales and driving millions in revenue through the platform alone. Allowing for quick and nimble production, Pair employs a unique supply chain that allows them to keep the price of their glasses affordable at just $60, including prescription lenses - well below the $300.00 average price point for a pair of prescription glasses and also allows the brand to produce a consistent selection of monthly limited-edition designs.
About Pair Eyewear
Pair Eyewear, the first direct-to-consumer, customizable eyewear brand reimagining the consumer experience for glasses wearers. Allowing anyone to quickly and easily customize the look of their glasses anytime, anywhere. Pair Eyewear provides high-quality, affordable glasses with an engaging digital experience for just $60.00 per Pair including prescription lenses - well below the $300.00 average price point for a Pair of prescription glasses. The brand's large and expanding selection of over 1K+ 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 and more for optical glasses, sunglasses, and blue light glasses, all available in both prescription and non-prescription forms. To learn more about Pair Eyewear, visit: www.PairEyewear.com.
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