Pair Eyewear Raises $75 Million in Series C Funding to Expand Automated Manufacturing and Global Presence
Direct-to-consumer customizable eyewear brand, Pair Eyewear, has secured $75 million in a Series C funding round. The company plans to utilize the funds to enhance its automated U.S. manufacturing technology, broaden its product line, and expand its international footprint. Pair Eyewear allows customers to customize their glasses with over 1,000 “top frame” options from various brands, including DC Comics, Marvel, sports leagues, TV shows, movies, and artists like Van Gogh and Frida Kahlo. The glasses start at $60 per pair, including prescription lenses.
Key Points:
- Pair Eyewear, a customizable eyewear brand, has raised $75 million in a Series C funding round to support its automated U.S. manufacturing technology and global expansion.
- The company allows customers to personalize their glasses with a wide range of “top frame” options from popular brands and artists. Glasses start at $60 per pair, including prescription lenses.
- Pair Eyewear experienced significant growth, with revenue increasing 24x between 2020 and 2023. The company expects to double its year-over-year revenue by the end of the year.
- The company shifted its focus towards adults and social media, leading to substantial growth. Over 95% of its customers are now adults purchasing for themselves.
- Pair Eyewear’s vertically integrated manufacturing facility in California is touted as the most automated lens lab in the United States. The company plans to open a second facility in the near future.
Analysis: Pair Eyewear’s successful Series C funding round highlights the appeal of its customizable eyewear model and its commitment to onshore manufacturing. The significant increase in revenue and strong customer base demonstrate the effectiveness of the company’s strategies. The investment will enable Pair Eyewear to further enhance its manufacturing capabilities, expand its product line, and pursue international growth. The company’s foray into retail settings represents a new phase in its expansion journey, positioning Pair Eyewear as a global eyewear brand catering to diverse customer preferences worldwide.
