Pair Eyewear Expands Globally After Securing $75 Million in Latest Funding Round
Pair Eyewear, a direct-to-consumer customizable eyewear brand, has announced that it has raised $75 million in new Series C funding. The investment will be used to enhance the company’s automated U.S. manufacturing technology and expand its customer base globally.
A Unique Business Model
Pair Eyewear allows adults and children to easily change their look with over 1,000 "top frame" options from popular brands like DC Comics, Marvel, sports leagues, television shows, movies, artists such as Van Gogh and Frida Kahlo. The company offers a wide range of glasses starting at $60 per pair, including prescription lenses, and comes with a digital experience.
Growing Exponentially
The company has seen significant growth since its last funding round in 2021. Pair Eyewear co-CEO and co-founder Sophia Edelstein stated that the company’s focus on adults and social media has paid off. "Since then, we’ve continued to grow exponentially here within the United States, mainly as an adult brand," she said.
Key Statistics
- Over 95% of customers are adults purchasing glasses for themselves
- The company sold over 3 million top brands in the United States and Canada by the end of 2023
- Revenue grew 24x between 2020 and 2023
- TikTok accounts for over 25% of the brand’s total sales
New Investments
The funding round was led by Prysm Capital, with existing investors New Enterprise Associates, Javelin Venture Partners, and NFL player Christian McCaffrey also participating. Edelstein declined to disclose the company’s valuation but stated that it is a "significant increase from last round."
Plans for Future Growth
Pair Eyewear plans to use the new investment to deploy additional automation technology and expand its lens lab and product line. The company is also eyeing omnichannel distribution, which would put Pair Eyewear into a retail setting for the first time.
"We love the idea of ‘Made in the U.S.’ and really investing in onshore manufacturing," Edelstein said. "In addition to that, we also have our eyes set on international expansion. Our vision for the company is to be a global eyewear company."
Vertical Integration
Pair Eyewear has recently become a vertically integrated manufacturing facility where it creates all of its lenses and top frames in-house. The 40,000-square-foot facility is located in California and Edelstein touted it as "the most automated lens lab in the United States." A second facility will open in the near future.
A Significant Milestone
This funding round marks a significant milestone for Pair Eyewear, which has been rapidly growing since its inception. The company’s unique business model and focus on customer experience have set it apart from competitors in the eyewear industry.
About Pair Eyewear
Pair Eyewear is a direct-to-consumer customizable eyewear brand that offers a wide range of glasses starting at $60 per pair, including prescription lenses, and comes with a digital experience. The company has seen significant growth since its last funding round in 2021 and plans to use the new investment to enhance its automated U.S. manufacturing technology and expand its customer base globally.
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