Pair Eyewear Announces $75M Series C Round As It Enhances Automated U.S. Manufacturing
Pair Eyewear, the direct-to-consumer customizable eyewear brand, has announced its raising approximately $75 million in Series C funding. Spearheading this funding round is Prysm Capital, accompanied by returning investors such as New Enterprise Associates (NEA) and Javelin Venture Partners.
Notably, NFL star Christian McCaffrey, who also played a pivotal role in the Series B raise, continues to support Pair Eyewear. With this latest round, Pair Eyewear has amassed a total of $145 million in funding.
Pair Eyewear Revenue Growth
Pair Eyewear’s rise is evident in its revenue growth, which has surged by a 24x from 2020 to 2023. The company is on an ambitious trajectory, set to double its year-over-year revenues in 2023.
This influx of funds will be strategically allocated to further invest in automation technology, bolster the U.S.-based lens lab to produce top-quality lenses, and expand the product line.
Pair Eyewear has made significant strides in ramping up its U.S. manufacturing, with all lenses now produced at its state-of-the-art facility in Irvine, California.
This facility alone employs nearly 90 people, and the company plans to open a second facility in the near future.
“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
Revolutionizing Affordability and Customization
Pair Eyewear’s mission is to make prescription glasses affordable, offering them at a very low price point of just $60, significantly undercutting the industry’s average of $300.
The brand empowers its customers to change their eyewear designs as frequently as they change their personal styles.
With customizable Top Frames starting at just $25 each and new collections launching three times per month, Pair Eyewear encourages its customers to purchase multiple frames per year.
This innovative approach disrupts the traditional model of purchasing a single pair of glasses every three years, resulting in superior unit economics and gross margins.
A Commitment to Innovation
Pair Eyewear’s commitment to innovation is unwavering, as evidenced by its substantial investments in research and development.
With a fully integrated U.S. manufacturing facility, the brand has positioned itself at the forefront of eyewear technology.
Since its inception, Pair Eyewear has accumulated a portfolio of patents related to customizable technology, driving forward an industry that has remained stagnant for years.
The company also has plans to unveil additional patents in 2024, further solidifying its position as a leader in eyewear innovation.
“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
The Pair Eyewear Experience
Pair Eyewear redefines the eyewear shopping experience, catering to both adults and children who wear glasses. Customers can effortlessly customize the look of their glasses anytime and anywhere, introducing a new level of personalization to the eyewear market.
The brand’s signature innovation lies in its fashionable switchable top frames that attach to a base pair of glasses. Pair Eyewear boasts a vast and ever-expanding selection of over 1,000 customizable Top Frames.
This assortment includes limited-edition monthly drops and licensed designs from an impressive array of brands, including DC, NHL, MLB, Marvel, Harry Potter, Sesame Street, The NBA, Van Gogh, Frida Kahlo, and more.
These designs are available for optical glasses, sunglasses, and blue light glasses, all offered in both prescription and non-prescription models.
