(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, set to be announced Tuesday, 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.
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. 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 look 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.
Top Frames
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.
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