Pair Eyewear, the leading direct-to-consumer customizable eyewear brand, recently announced that it has successfully raised $75 million in its latest Series C funding round. The significant investment will be used to enhance the company’s automated U.S. manufacturing technology and accelerate its global expansion plans.
Key Takeaway
Pair Eyewear secures $75 million in Series C funding to drive growth and expand globally, offering a unique and affordable customizable eyewear experience for both adults and children.
Customization for Adults and Children
Pair Eyewear revolutionizes the eyewear industry by allowing both adults and children to effortlessly change their look with over 1,000 “top frame” options. These frames encompass a diverse range of designs, including beloved brands such as DC Comics, Marvel, and popular sports leagues. The collection also features frames inspired by iconic television shows, movies, and renowned artists like Van Gogh and Frida Kahlo. Starting at just $60 per pair, which includes prescription lenses, customers can enjoy a seamless digital shopping experience. Additionally, the top frames are available starting at $25.
Remarkable Growth and Success
In recent years, Pair Eyewear has experienced exponential growth, with revenue increasing 24 times between 2020 and 2023. The company is projected to double its year-over-year revenue by the end of this year. Notably, TikTok has played a significant role in driving sales, accounting for over 25% of the brand’s total revenue. Moreover, Pair Eyewear has successfully transitioned into an adult-focused brand, with more than 95% of its customers being adults. This strategic shift has contributed to the sale of over 3 million top frames in the United States and Canada.
Innovation and Vertical Integration
Pair Eyewear has continuously innovated and expanded its offerings. The company launched a wider base frame collection to cater to a diverse range of head sizes, ensuring an optimal fit for all customers. In a significant move, Pair Eyewear established a state-of-the-art, 40,000-square-foot manufacturing facility in California, positioning it as the most advanced automated lens lab in the United States. This vertically integrated approach enables the company to create all of its lenses and top frames in-house. A second facility is planned for the near future.
Investment and Future Growth
Prysm Capital led the recent funding round, with participation from existing investors New Enterprise Associates, Javelin Venture Partners, and NFL player Christian McCaffrey. While Pair Eyewear’s current valuation remains undisclosed, it has seen a significant increase since its previous funding rounds. The company has now raised a total of $145 million in venture capital to date. The investors were attracted to Pair Eyewear’s unique business model, strong profit margins, and ambitious growth plans.
The newly secured funding will be allocated towards further automation technology, expansion of the lens lab, and the development of new product lines. Additionally, Pair Eyewear aims to enter the retail market for the first time, exploring omnichannel distribution. Furthermore, the company has its sights set on international expansion, envisioning itself as a global eyewear brand that resonates with individuals worldwide who desire to express their individuality through eyewear.
