Pair Eyewear Lands $75 Million in Funding to Automate Production and Expand Globally

Pair Eyewear Lands $75 Million in Funding to Automate Production and Expand Globally

Pair Eyewear, the D2C eyewear brand known for its customisation, has secured $75 million through a Series C funding round. This aims to amplify its U.S. automated manufacturing prowess and enhance its global customer presence.

Transaction Highlights:

  • Deal Value: $75 million.
  • Valuation: Not disclosed, though noted as a "substantial increase from the last round."
  • Investor: The round was led by Prysm Capital with participation from existing supporters including New Enterprise Associates, Javelin Venture Partners and NFL's Christian McCaffrey.
  • Target: Pair Eyewear, a D2C eyewear brand founded in New York.

Pair Eyewear Snapshot:

  • Product: Offering consumers a variety of over 1,000 "top frame" choices, ranging from major brands like DC Comics, Marvel and popular TV shows, to artistic renditions inspired by Van Gogh and Frida Kahlo.
  • Economic Shift: With a revenue growth 24-fold between 2020 and 2023, the brand anticipates doubling its YoY revenue by year's end. Interestingly, TikTok drives more than 25% of Pair's total sales.
  • Operational Expansion: Recently, the brand inaugurated its in-house manufacturing facility in California, boasting it as the U.S.'s "most automated lens lab." Plans for a second facility are in motion.

Pair Eyewear's co-CEO and co-founder, Sophia Edelstein, noted the brand's significant domestic growth, with over 95% of its clientele being adults purchasing for themselves. "By the year's end, we'd have successfully sold over 3 million top brands within the U.S. and Canada," she remarked.

Looking Forward:

As Pair Eyewear looks to the future, the brand has expanded its base frame collection, aiming to appeal to diverse head sizes. The latest funding will be channelled into further refining automation tech, enlarging their lens lab capacity, and broadening its product range. Furthermore, the company aspires to transition into omnichannel distribution, introducing Pair Eyewear to retail for the very first time.

Matt Roberts from Prysm Capital voiced his enthusiasm about Pair's unique product offerings, brand collaborations, and community focus. "The company’s continual tech innovations enhance its growth potential, and we're keen to partner in their expansive journey," he stated.

Reiterating the company's commitment to domestic manufacturing, Edelstein said, “Our vision extends to becoming a globally recognised eyewear brand. Our aim to allow individual expression truly resonates with folks worldwide.”

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