Pair Eyewear – the first direct-to-consumer customizable eyewear brand completely reimagining the eyewear industry – recently announced that it has raised approximately $75 million in Series C funding. This funding round was led by Prysm Capital, with returning investors New Enterprise Associates (NEA), Javelin Venture Partners, and continued support from famed NFL player Christian McCaffrey – who also contributed to the Series B raise. So far, the company has raised $145 million in funding.
The company has seen revenues grow 24 times from 2020 to 2023 and is already on track to double its year-over-year revenues in 2023. This funding round will invest further in its automation technology, expand its U.S.-based lens lab to create best-in-class quality lenses, and continue expanding its product line. The company also ramped up its U.S. manufacturing and now produces all lenses at its facility in Irvine, California, where the brand employs nearly 90 people. A second facility is going to open soon.
Pair Eyewear makes prescription glasses affordable at just $60 – well below the $300 average price point. And Pair customers can also change their eyewear designs as often as they change their styles, with customizable Top Frames starting at $25 each and new collections launching three times per month. Affordable customization also encourages customers to buy multiple frames per year, in contrast with the legacy model of a single glasses purchase every three years, leading to superior unit economics and gross margins.
Pair Eyewear is also planning to keep investing in research and development on the heels of its fully integrated U.S. manufacturing facility. And since its inception, the brand has developed a family of patents around customizable technology, further pushing innovation in an outdated industry. Additional patents are expected in 2024.
Due to the interactive nature of Pair’s products, the Base Frame and Top Frame duo have become popular on social media, especially TikTok, where the brand has gained a cult-like following, obtaining hundreds of millions of views with its hashtag #WearPair. And TikTok alone drives over 25% of the brand’s total sales and millions in revenue.
KEY QUOTES:
“Nathan and I developed Pair with a unique premise of providing people globally with eyewear as dynamic as you are. We are beyond humbled by the love and support we’ve received from both Pair’s incredible customers and investors. We plan to capitalize on Pair’s brand power and innovations to continue growing with a goal of achieving household name status not only in the United States but around the world.”
— Pair Eyewear Co-CEO and Co-Founder Sophia Edelstein
“At Prysm, we seek to partner with exceptional entrepreneurs and management teams who are building disruptive companies, and we have found that with Sophia, Nathan and the Pair team. With a differentiated and customizable product, an ecosystem of brand partnerships and a focus on community, Pair is loved by its customers. Further, the company’s continued innovation and investment in automation technology have reinforced their ability to execute on the growth opportunity ahead, and we look forward to partnering with the team on their expansion journey.”
— Matt Roberts, Co-Founder and Partner at Prysm Capital
“In addition to bringing a fresh look and business model to a legacy industry, Pair is leading its segment thanks to a vertically integrated supply chain and automated manufacturing processes. The factory has been a big factor in the company’s success. They’re not just bringing a greater variety of better products to people. They’re doing it in a far more efficient and cost-effective way, which translates to more affordability and access for customers.”
— Rick Yang, Partner and Head of Technology at NEA
