Eyewris Net Worth 2023 – What Happened After Shark Tank?
When Mark and Kenzo Singer, a father-son team, entered the Shark Tank with their unique product, they were hoping that the investors would see the big picture when it came to Eyewris.
Eyewris was certainly something unique, but could they find the backing they were looking for?
What is Eyewris?
Well, the clever name for this project certainly gives an idea of what it’s all about.
For those of us who need reading glasses, it’s easy to leave them lying around the house.
So when you want to read something, your glasses are often nowhere near you.
In fact, many of us simply leave several pairs of reading glasses throughout the house to alleviate the problem.
And what happens when you forget to take a pair with you when you go out?
That’s where the brilliant concept behind Eyewris comes in, because these are ready-to-wear glasses that you can snap onto your wrist, available for when you need them.
And when you are done, simply snap them back in place.
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Who are the owners of Eyewris?
The father-son team of Mark and Kenzo Singer are the owners of Eyewris.
Interestingly, it was Kenzo who came up with the idea behind these unique reading glasses, and as a structural engineer, he was perfectly placed to design them.
His father, Mark, has come up with several inventions of his own over the years, including Gorilla glue.
Shark Tank appearance: The investment
With such a unique product and a presentation that certainly piqued the interest of the Shark Tank investors, the Singers were in pole position right from the start when they appeared on the show at the end of season 14.
They weren’t looking for a massive investment either—just $25,000 for a 5% equity stake in their company.
While the Shark Tank investors were certainly intrigued by the product on offer, naturally, they also wanted to know some financial numbers behind it.
Eyewris, being a relatively new product that, up until that point, was only sold online through a website, had produced sales figures of around $28,000 in nine months.
Not really that spectacular, but a firm grounding, one would have to say, and with expenses of only $45 per day on advertising, they still managed to turn a small profit.
The investors were also impressed that it only cost $30.50 per unit to make and sold for $110.
An emotional speech by Mark, in which he stressed that he wanted to leave a successful company for his son, certainly brought a lump to the throats of all, so much so that something incredible happened.
After Lori Grenier was the first to make an offer, she was followed by Kevin Leary and then Damond John, before both Mark Cuban and Barbara Corcoran said they too wanted in on the deal.
Eventually, a deal was struck, which saw the Singers walk away with $125,000 for 20% equity split equally.
Perhaps the valuable experience the five investors offered, however, was the bigger win.
Where is Eyewris today?
They are still going strong, although there are now some competitors for them to deal with, like ThinOptics, which offers reading glasses that form part of a key chain.
Eyewris is still only available to buy from their online website.
What is Eyewris’s net worth?
Currently, Eyewris’s net worth is valued at around $1 million.
Without a doubt, a clever product is going to pique the interest of the investors in the Shark Tank, and that’s exactly what happened here.
Nobody would have guessed that all five Sharks would have gotten involved, however.