EyeWris Shark Tank Update – Net Worth, Pitch & Deal

Don’t remember where you left your reading glasses? Well, that’s the issue that Mark was facing when his son decided to use his knowledge to develop EyeWris. A unique and innovative way to never lose your reading glasses ever again as they rest on your wrist.

Such an innovative approach and creative idea landed when landed in Shark Tank, and wowed the whole room. Now the real question remains did they secure a deal with the sharks or not? Read more to find out.

EyeWris Net Worth

Mark and Kenzo Singer asked for a $25,000 investment in exchange for 5% equity in their company EyeWris. This meant they valued their company at $500,000. They made a deal with all five sharks for $125,000 in exchange for 20% of their company. This new deal valued their company at $625,000. After the show aired, EyeWris saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of EyeWris is about $1.01 million.

What happened to EyeWris after Shark Tank?

As a result of its appearance on the show, EyeWris got the right kind of spotlight and was able to benefit largely in sales as its innovative design and emotional episode made the people love it even more. This kind of traction is worth millions. As of right now some of the items are on Shark Tank Sale and the rest are being sold at regular prices. It’s only available on the EyeWris website. Due to patents, not many competitors can steal the idea hence they have a good future ahead of them.

Did EyeWris get a deal on Shark Tank?

Yes, EyeWris was able to win an unprecedented deal in Shark Tank’s history where all the sharks wanted to invest in the company. The duo and sharks were both emotional at certain points. They were able to win over the sharks with a unique pitch and a very innovative product, unlike any other existing product.

Piquing the interest of all the sharks led to a long and thorough questioning session yet the duo left with all the 5 sharks and 5 times more money than they had asked for, all of which were for only 20% equity in the business. A big win-win for everyone.  

Shark(s) nameOffer & DemandCounterofferAccepted?
All 5 Sharks$125,000 for 25%$125,000 for 20%Yes
Barbara CorcoranInN/AN/A
Lori GreinerInN/AN/A
Kevin O’LearyInN/AN/A
Daymond JohnInN/AN/A
Mark CubanInN/AN/A

EyeWris Shark Tank Update

eyewris glasses net worth

Backstory

Daymond asked if the duo was an inventor. Mark told them that with age his need for reading glasses became more prevalent. He was unable to access them all the time and couldn’t find them when needed hence he thought the only solution was to buy as many as he could to keep them everywhere. He said since Kenzo was aware of the issue he came up with the idea.

Lori asked Kenzo if he was an engineer. Kenzo told her that he has a Masters and Bachelor’s degree in Structural Engineering from Cornell University.

Barbara asked how he came up with the idea. Kenzo explained that he had been working as a construction engineer designing skyscrapers and football stadiums, it hit him that if physics can apply to skyscrapers, it can also be applied to something as small as reading glasses. Then he used his knowledge and applied it to a mechanism that is both stable open and stable closed. He spent a weekend in his dad’s workshop and once they had a working product, he decided to quit his job and work full-time at EyeWris.

Barbara asked about Mark’s background. He has worked as a woodworker for 60 years, designing furniture and selling it. Alongside woodworking, he also has started some companies and brought a number of products to the market. With that, he added that he has brought one product to the market that all of the sharks must know about. Barbara then asked which one is that? He simply said Gorilla Glue and everyone was shaken to know that he made it.

Daymond then asked the reason for selling the company while mentioning that it’s a massive company now. Mark told them that he did sell it years ago.

Kevin asked if that was a good outcome for him as in did, he make any money? Mark’s response again won the room over as he told them that every company, he ever sold included a royalty.

Initial Pitch

Mark and Kenzo Singer came into the Shark Tank with one of the most unique pitches ever and had all the sharks laughing. They asked for $25000 for a 5% stake in the business. Kenzo started off by asking what sugarless ice cream, low-salt turkey bacon, and cheese-free mac and cheese have in common. To which Mark Singer the dad responded that all of these items were bought by mistake since he didn’t have his reading glasses with him at the supermarket.

Kenzo and Mark explained that reading glasses should not be unavailable at crucial times of the day. Mark explained how he was wearing his reading glasses on his wrist making them super accessible at all times. The most crucial part of the pitch was when Mark said “With one hand, one motion and one second EyeWris glasses can switch from wristwear to eyewear and back again” Along with this phrase was the demonstration made by Mark which blew the sharks away.

Kenzo explained that the memory metal bridge design used in the glasses was patented and that EyeWris reading glasses were open and shut. He further informed the sharks that EyeWris has received 4 international design awards and that they are fashionable.

Queries about the Product

what happened to eyewris after shark tank

Lori wore it on her wrist and said that her wrists were small yet the EyeWris glasses fit her, so she asked if there were more sizes or just one size. Kenzo explained that they were initially just starting off with universal sizing, one size fits all and it should fit 95% of the population is what they were hoping.

They also had the patent displayed, so she pointed out that it was a utility patent. To which Mark responded that yes it was a utility patent for the USA, China, Japan, and soon to be issued in 26 European countries. Kevin asked if the grippers on the EyeWris leave a mark on the skin if they are worn for a long period of time.

Mark responded that he had been using and wearing them constantly for many months and they may leave a slight mark but nothing that is bothersome. Mark Cuban came in and explained that they are reading glasses and are not for long-term usage, to which Lori added they are meant for on-the-go. Kenzo further added that these are designed for wearing throughout the day whenever necessary and with the ease of being readily available on your wrist.

Mark Cuban asked what are they selling for and how much it costs to make them. Kenzo told him that they cost them $35.50 to land in the warehouse. They sell for $100 online including free shipping.

Lori brought the questioning back to EyeWris by asking the number of units sold. Kenzo told them that the company has only been operational for 9 months since the website went live a year prior to an appearance on the show. First, 9 months of the website were testing and optimization process and, in that time, they have sold merchandise worth $28,000. Knowing that the number was small he further explained that using his dad’s money he did some marketing and spent only $45 per day on ads they still managed a small profit.

Barbara then asked how much money had been invested in the business already by the duo. Mark told them that he had invested $630,000 in the business, shocking everyone and making Kevin comment that because of the royalties he doesn’t have to worry about the money.

Daymond asked why do you need a shark? Mark got emotional explaining that he doesn’t have the time and effort it requires to make a company that’s why he is looking for people who are ethical, smart, honest, and successful people like the Sharks.   

Sharks Responses and Final Deal

did eyewris get a deal on shark tank

Lori got very emotional by what Mark said and was very moved. Lori also mentioned that she has done millions of dollars of sales in the business of sunglasses and readers and she knows the market very well. Kevin went next and said that he could help blow up the product and make it huge. He explained how it’s a very simple and smart product and it going to be very easy to demonstrate on social media and will do very well.

Since all the sharks loved the product and were heavily interested in investing. Mark asked what was the decision-making criteria of the duo. Kenzo explained that they have the patents and new designs coming out and the only thing missing is their lack of knowledge on how to get it out there. Mark again mentioned that they all know that it’s a great deal and they all can help them sell more so it all was dependent on the Singer duo. To this Mark responded with the three components retail, online, and licensing the technology for a wearable reader.

Eventually, all the sharks were interested in the deal and discussed if the duo was willing to give up 10% equity. Kevin asked the crucial question what would they give up for all the sharks? After having a discussion among themselves both the sharks and Mark and Kenzo, Lori took the lead in explaining the offer which was $125,000 for 25% of the equity and they will get all the sharks. Kenzo countered with 20% and Lori agreed. So, they ended up leaving with all of the 5 sharks in on the deal.

Product Availability

The product is directly being sold on the exclusive website of EyeWris. There have been additions of other variations of colors for both men and women available on the website. The social media content is pushing the sales and demonstrations are posted regularly on all social media platforms. There’s even a special Shark Tank Sale going on for both women’s and men’s reading glasses.

Conclusion

One of the best conclusions to a season happened when all of the sharks decided to invest in EyeWris. Due to its innovative design and functional appeal, the sharks couldn’t resist and all of them went in to work alongside Mark and Kenzo Singer. The initial asking was $25,000 for a 5% stake in the business and when the duo left the room, they had a deal worth $125,000 with the backing of all the 5 sharks only for 20% equity in the business. A win-win for everyone.

Thanks for Sharing 😉

Leave a Comment