Pair Eyewear, a direct-to-consumer customizable eyewear model, raised $75 million in new Collection C funding to spice up its automated U.S. manufacturing know-how and increase its buyer base all over the world.
The corporate permits glasses-wearing adults and kids to simply change their look with over 1,000 “prime body” choices from manufacturers like DC Comics, Marvel and sports activities leagues, to well-liked tv reveals and films to artists like Van Gogh and Frida Kahlo. Glasses begin at $60 per pair, together with prescription lenses, and include a digital expertise. Prime frames begin at $25.
It’s been a minute since we final checked in on the New York-based firm, which final raised two rounds of funding, $60 million and $12 million, in 2021.
In the course of the announcement of its spherical in December 2021, the corporate was shifting its focus extra on adults and social media, two methods that Pair Eyewear co-CEO and co-founder Sophia Edelstein advised TechCrunch has paid off.
“Since then, we’ve continued to develop exponentially right here inside the US, primarily as an grownup model,” Edelstein mentioned. “In the present day, over 95% of our prospects are adults buying for themselves, and on the finish of this yr, we could have offered over 3 million prime manufacturers right here in the US and Canada. We’re additionally actually proud that the inhabitants of our prospects very a lot resembles the U.S. Census. It’s our thesis of making an attempt to supply folks with an reasonably priced, accessible and customized answer and having that come by.”
Particularly, the corporate noticed income develop 24x between 2020 and 2023, and is anticipating to double its yr over yr income on the finish of this yr. Amongst that, TikTok accounts for over 25% of the model’s whole gross sales and hundreds of thousands in income.
Previously yr, the corporate additionally launched a wider base body assortment to cater to a extra full vary of head sizes. And in September, Pair Eyewear grew to become a vertically built-in manufacturing facility the place it creates all of its lenses and prime frames in-house. The 40,000-square-foot facility is positioned in California and Edelstein touted it as “essentially the most automated lens lab in the US.” A second facility will open within the close to future.
In the meantime, Prysm Capital led the funding spherical and was joined by present buyers New Enterprise Associates, Javelin Enterprise Companions and NFL participant Christian McCaffrey.
Edelstein wouldn’t disclose the corporate’s valuation, nonetheless, she did share that it’s “a major improve from final spherical.” The brand new funding brings Pair Eyewear’s whole venture-backed capital to $145 million thus far.
This was “an opportunistic spherical,” in accordance with Edelstein. Buyers had been drawn to the enterprise mannequin, wholesome margins and the corporate’s progress plan, particularly on this financial atmosphere that has been difficult for shopper firms, she added.
That sentiment was echoed by Matt Roberts, co-founder and companion at Prysm Capital, who mentioned in a written assertion that, “With a differentiated and customizable product, an ecosystem of brand name partnerships and a deal with group, Pair is beloved by its prospects. Additional, the corporate’s continued innovation and funding in automation know-how have strengthened their capacity to execute on the expansion alternative forward, and we stay up for partnering with the group on their growth journey.”
Edelstein intends to deploy the brand new funds into extra automation know-how and growth of the lens lab and its product line. The corporate can also be eyeing omnichannel distribution, which might put Pair Eyewear right into a retail setting for the primary time.
“We love the thought of ‘Made within the U.S.’ and actually investing in onshore manufacturing,” Edelstein mentioned. “Along with that, we even have our eyes set on worldwide growth. Our imaginative and prescient for the corporate is to be a worldwide eyewear firm. Individuals wanting to precise themselves and specific their individuality is admittedly one thing that appeals to folks all internationally.”
