(Bloomberg)—Pair Eyewear Inc. is raising $60 million in funding and bringing on more celebrity investors as the maker of customizable glasses seeks out more licensing deals and partnerships.
The round, announced last week, was led by venture firms New Enterprise Associates and Connect Ventures, NEA’s partnership with Hollywood firm Creative Artists Agency. Javelin Venture Partners Management and Norwest Venture Partners also joined the round, bringing Pair’s total funding to $73.5 million. Pair is No. 1881 in the 2021 Digital Commerce 360 Next 1000.
The brand has attracted several celebrities as well, including investments from actor Sterling K. Brown, fashion influencer Olivia Culpo, NFL star Christian McCaffrey, the NBA’s D’Angelo Russell and pro gamer Tyler “Ninja” Blevins.
Direct-to-consumer eyewear has drawn attention from investors in recent months. LVMH-linked L Catterton put money into Mexican label Ben & Frank in October, and Warby Parker Inc. (No. 145 in the Top 1000) went public via direct listing in September, debuting at a valuation of more than $6 billion.
Pair’s management plans to use the funds to hire more staff and to spur growth. The glasses are sold solely online for now, though Pair is considering testing retail distribution. The New York-based company declined to share revenue figures.
Pair’s top-frame system, which allows wearers to snap different styles onto existing frames, is an effort at a new business model for glasses. Shoppers purchase $60 base frames and then build out a wardrobe of cheaper interchangeable add-ons that cost $25. They’re often released in limited-edition drops, with more than 1,000 styles now available.
“We wanted to create a better business model for eyewear that actually encourages repeat purchases, happening very frequently every week or every month rather than every few years,” Pair co-founder Sophia Edelstein said in an interview.
Thus far, Pair’s proposition has proven attractive for media and sports businesses looking to license their properties. Pair has signed deals with Walt Disney Co.’s Marvel, AT&T Inc.’s DC and Harry Potter brands, Sesame Street, Major League Baseball and the National Hockey League.
Executives are continuing to seek more of these agreements, and upcoming tie-ups include expansion into celebrity, fashion and artist collaborations.
In other ecommerce news:
- Ecommerce platform provider ESW, formerly eShopWorld, this month named Noelle Burke as chief people officer alongside plans to create 500 new jobs. Burke previously worked at technology businesses like Microsoft Corp., HP Inc. and others. She will help guide ESW’s new hiring, which will result in a near doubling of employees over the next five years, as the company expects to hit $1.5 billion in revenue this year. ESW provides direct-to-consumer ecommerce technology to brands like Abercrombie & Fitch Co. (No. 49) and J. Crew Group Inc. (No. 80).
- Personalization tech vendor Namogoo appointed Sari Brosh Rechav as chief operating officer and Yaron Schechtman as senior vice president of global sales, the company announced this month. Rechav, previously of Lumos Global and SpaceIL, has a history in research and development environments and was hired to improve efficiency as Namogoo grows. Schechtman will help improve market penetration as the company adds new products and services.
- Walmart Inc. (No. 2) announced last month that chief financial officer Bret Biggs is stepping down, and the retailer currently looking for a replacement. Biggs is staying on until the end of January 2023 as an associate to help with the transition, but he will vacate the CFO role when a replacement is found. Biggs served as senior vice president of operations for Walmart-owned Sam’s Club operation before moving up to the CFO position.
- This month, Walmart acquired Chilean ecommerce baby product retailer Babytuto. Walmart is already offering services in Chile through its Lidar app, which is focused on food and grocery goods. The new acquisition will add 35,000 baby products and toys from more than 400 brands to its ecommerce options in the country. Babytuto is No. 213 in the Digital Commerce 360 Latin America database.
- Order management software provider 3PL Central acquired CartRover earlier this month. CartRover integrates orders from retailer sites and marketplaces into order management systems and warehouse management systems. The acquisition will bring 3PL Central customers more options to integrate order management into warehouse operations, according to the company.
James Risley contributed to this report.
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