Eyewris, the foldable eyewear brand founded by father-son duo Mark and Kenzo Singer, has revolutionized the eyewear industry with its innovative design and functionality. Since its appearance on Shark Tank in 2023, the company has experienced phenomenal growth, showcasing the significance of creativity and perseverance in business success. With an estimated Eyewris net worth of $1.6 million as of 2024, the brand represents a remarkable blend of ingenuity and entrepreneurship.
This article sheds light on the story of Eyewris, from its humble beginnings to its current status as a game-changer in the eyewear industry.
Founding of Eyewris
The Genesis of an Idea
Eyewris was established in 2022 by Mark Singer and his son Kenzo Singer. The idea for their unique product originated from Mark’s personal frustration with repeatedly losing his reading glasses. Inspired to find a solution, the duo developed a foldable reading glass that could conveniently snap around the wearer’s wrist like a watch. This innovation resonated especially with older adults and individuals frequently misplacing their glasses.
Mark, a seasoned entrepreneur and the inventor behind the successful Gorilla Glue, brought his years of business acumen to the table. Meanwhile, Kenzo, a Cornell-trained structural engineer with a knack for design, contributed crucial engineering expertise to the project. Together, they created a product that bridged utility and convenience.
Product Innovation
The Eyewris reading glasses set themselves apart with their patented bi-stable bridge design, which allows them to curve securely around the wrist. These glasses are crafted from nickel-titanium memory metal, scratch-resistant lenses, and lightweight TR-90 thermoplastics, ensuring durability and user comfort.
Additional features such as a blue light filter for screen use and ultraviolet protection add to the functionality of the glasses, making them both stylish and practical. This fusion of innovation and craftsmanship earned Eyewris multiple accolades, including the prestigious Red Dot Award.
Shark Tank and Financial Breakthrough
The Shark Tank Pitch
Mark and Kenzo appeared on Season 14, Episode 22 of Shark Tank in May 2023, seeking $25,000 for 5% equity in their company. Their emotional pitch, detailing Mark’s desire to secure a bright future for Kenzo, touched the Sharks deeply. The compelling presentation and the innovative nature of the product led to an exceptional outcome—an investment deal involving all five Sharks (Mark Cuban, Kevin O’Leary, Lori Greiner, Barbara Corcoran, and Daymond John) offering $125,000 for 20% equity.
The “Shark Tank Effect”
The impact of appearing on Shark Tank propelled Eyewris to new heights. Prior to the show, the company had generated $28,000 in revenue over nine months. However, post-episode airing, Eyewris experienced an incredible sales boom, reaching $77,000 in monthly revenue. This significant growth solidified the company’s market presence and pushed the Eyewris net worth to $1.6 million by early 2024.
Financial Highlights and Eyewris Net Worth
Key Financial Data
| Category | Details |
|---|---|
| Net Worth | $1.6 Million |
| Founders | Mark Singer and Kenzo Singer |
| Year Founded | 2022 |
| Revenue Per Month (2024) | $77,000 |
| Initial Valuation (2023) | $500,000 |
| Revised Valuation (Post-Deal) | $625,000 |
| Shark Tank Investment | $125,000 for 20% equity |
| Product Price | $90 (reduced from $110) |
| Approx. Annual Revenue | $850,000 |
The rise in revenue and market valuation stands as a testament to the Sharks’ strategic guidance and the product’s growing appeal.
Founders’ Background
Mark Singer, the mastermind behind the world-renowned Gorilla Glue, had a track record of inventiveness and business success even before founding Eyewris. His previous ventures proved instrumental in shaping Eyewris’ trajectory.
Kenzo Singer, equipped with architectural and engineering expertise, added a dynamic edge to the product’s design and execution. Together, their complementary skills laid a robust foundation for Eyewris’ success.
Challenges and Resilience
Despite their success, the path of Eyewris was not free of obstacles. Their initial Kickstarter campaign raised only $10,000, falling short of expectations. Mark personally invested $630,000 into the business, taking substantial personal risks to bring the product to the market.
Their determination paid off when they clinched the Shark Tank deal, which enabled the brand to move past early setbacks and accelerate its growth.
Achievements and Future Prospects
The success of Eyewris comes not only in the form of monetary growth but also through widespread recognition. The brand has gained traction among its target demographic, winning hearts for its utility and aesthetic design.
Looking to the future, Eyewris plans to expand its product line and explore licensing agreements for its patented technology. With the backing of the Sharks, the company is well-poised to make significant strides in the competitive eyewear industry.
The Legacy of Eyewris
Eyewris exemplifies the potential of innovative ideas and resilience in overcoming challenges. The Eyewris net worth of $1.6 million reflects not just financial gains but also the brand’s impact on users’ convenience and quality of life.
With a product that disrupts traditional eyewear norms and a success-driven team at the helm, Eyewris has turned an everyday utility into a lifestyle accessory.
