This super exciting episode of Shark Tank introduces us to Joe Croft, who has established a company named Gunnar Optiks. It makes a particular type of eyewear for digital device users. In this remote era, most of us spend time in front of screens continuously, getting our eyes affected by different kinds of light.
The product of this company is quite beneficial in reducing eye strains caused by blue light, especially for gamers and computer users. The founder of Gunnar Optiks joined the show in Season 9, Episode 22, and sought some offers from investors.
The sharks involved were Lori Greiner, Barbara Corcoran, Mark Cuban, Robert Herjavec, and Rohan Oza. Let’s see if Joe could inspire the sharks. Did Gunnar Optiks manage to get a deal? To know more about the outcomes, let’s jump right into this article, and you can enjoy the whole episode!
Gunnar Optiks Net Worth
Joe Croft asked for a $750,000 investment in exchange for 5% equity in his company. This meant he valued his company at $15 million. He made a deal with Lori Greiner for $750,000 as a loan at 8% interest and a 5% equity stake. This new deal still valued his company at $15 million. After the show aired, Gunnar Optiks 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 Gunnar Optiks is about $24.16 million.
Gunner Optiks Shark Tank Update
Did the Gunnar Optiks get a deal with Shark Tank?
Yes, Gunnar Optiks sealed a deal with one of the sharks, Lori Greiner, who offered $750,000 as a loan at 8% interest for an 8% stake.
| Shark(s) Involved | Offer made | Accepted? | Equity |
| Lori Greiner | $750,000 as loan and 8% interest | Yes | 5% |
| Barbara Corcoran | N/A | No | N/A |
| Rohan Oza | N/A | No | N/A |
| Mark Cuban | N/A | No | N/A |
| Robert Herjavec | N/A | No | N/A |
Founder and Backstory
Joe Croft is the founder of Gunner Optiks. He is a great entrepreneur from California. He worked as an eyewear designer and was passionate about finding solutions for overall eye health. He realized using screens for a long time causes discomfort and fatigue, especially for gamers.
After some research, he innovated a fantastic accessory that blocks blue light and allows yellow light to come through glasses for better results. Because of many visionary advantages, this eyewear business is expanding.
Gunnar Optiks Products
Gunnar Optiks is an innovative company in California, United States. It designs special glasses of different sizes and styles, which are helpful for those people who spend most of their time using screens and LEDs. Digital devices produce a variety of lights with different wavelengths, which may harm the user’s eyes.
Blue light is one of those harmful lights that cause eye strain. The product of this company helps prevent eye strain and sleep disruption as well. Special glasses block blue light and make visual clarity by defining the screens well. Due to such positive impacts, Gunnar Optiks products have become popular mostly among gamers.
Pitch and Initial Presentation
Joe Croft walked into the show and introduced himself. He came up with his innovation in tech generation, a type of eyewear that blocks blue light and allows only yellow light to pass to users’ eyes. We spend 6-8 hours daily using screens and devices, including phones, computers, tablets, etc., because our eyes are weary. He said that his product, glasses, hinders blue light to 65%, and it’s scientifically proven. Gunnar Optiks’s founder sought $750,000 for equity of a 5% stake in his business.
Discussion on Pitch and Offer
After the presentation of his product, Joe tried to inspire the sharks and told them the reason behind the invention of this eyewear. Digital users must have a headache that can’t go away, and computer eye strain has become the most common health-related complaint in the United States. To solve these problems, patent optical technology is clinically proven and improves the eyes’ overall health. We must protect our eyes as screens are part of our daily lives.
Joe gave sample products to sharks for passing out so they could check the difference with or without this eyewear to look at their screens. The investors put on glasses and hold their devices in front of them. They experienced more clarity, focus, and less stress in their eye. Lori said, Yes! It blocks blue light. Then, she wondered whether yellow light is calming and better for the eyes. Joe explained the science that yellow light is much better than blue, which is very close to the UV spectrum with high energy that negatively affects our eye muscles and sleep.
To proceed with the discussion, Mark inquired about the sales, “Let’s get right into the business!”.Joe said they sold $ l6.5 million worth of eyewear last year. The numbers impressed the sharks, and Rohan Oza asked about the current sales, which are moving towards 7.5 now. They are approaching 60% gross margin and an average point price of 60-80. Then Mark asked, generally, if they were making money. And Joe replied Yes. Last year, they earned $500,000.
To continue, Robert asked what they were doing. Joe said they are making a brand and will penetrate the gaming company. On asking about Patent technology, Joe said they have even battle-tested IP and sponsored many Sports athletes. They have raised $9 million, and the company has a debt of 1.2 million, the amount that made the investors lose interest in making offers.
Negotiation and Final Deal
When it came to making investments, Four sharks were already out. Because the company had a lot of debt, investors weren’t secure to invest and made no offer for Gunnar Optiks. The only shark, Lori, was interested in making an offer for Joe. She said, “You have a lot of debt and don’t have much equity. You need a demonstration”. So she offered $375,000 as a loan at 8% interest with $375,000 for equity of 8% stake.
The entrepreneur wanted a different deal. He found this offer too much for the company. So Lori revised her offer, $750,000 as a loan at 8% interest and a 5% stake for equity. Joe was not found even for this revised offer and was left with no other option. He had the only one shark on the table, so finally, he sealed the deal with Lori. Lori was interested in this product as she had already sold a relevant product, Neox sunglasses. So, she wants to give awareness to entrepreneurs, which will result in outstanding business expansion.
Challenges and Motivations
For visual performance enhancement, there was a need to develop patent technology suitable to reduce eye strain. Much research was done for this purpose and to meet customer needs.
As for motivation, the founder was very passionate about creating highly effective eyewear to provide comfort for technology and screen users. Joe’s strive brought innovative solutions to the market for eye health.
Gunnar Optiks Availability
Gunnar Optiks eyewear is typically available on their official website. You may purchase through various authorized retailers. It offers a variety of other products to improve eye protection, such as sunglasses. The unique technology of lens incorporation in these eyewear provides a viewing experience and potential sleep quality.
Conclusion
Gunnar Optiks had an impactful and successful journey on Shark Tank. It got a good deal with one of the investors, Lori Greiner. She was interested in the product and wanted to see more advancements in the company. The entrepreneur had an engaging discussion with sharks and snagged an incredible offer.
Hi, I’m Izza Habib, a Nutritionist and an avid writer. My focus? Crafting captivating blogs and articles on the exhilarating episodes of Shark Tank. I love unraveling the unique stories of aspiring individuals navigating the high-stakes world of Shark Tank— from groundbreaking products to pitch-perfect presentations. As a blogger, I’m committed to sharing the excitement behind each episode, highlighting the ingenuity, passion, and strategic negotiations that shape the entrepreneurial landscape. Join me on this thrilling journey into the dynamic world of Shark Tank! Read more About me.