Entrepreneur Rick Hopper pitched his magnetic eyeglass holder, ReadeREST, on Shark Tank Season 3. ReadeREST offers a stainless steel magnetic eyeglass holder that helps keep eyeglasses securely in place to prevent them from falling.
Rick faced the issue of losing and dropping his eyeglasses in daily life, which led him to invent the ReadeREST magnetic eyeglass holder. Let’s find out if any Sharks helped him get his product into nationwide big-box retail stores.
| Company Name | ReadeREST | |
| Founder/Co-Founder | Rick Hopper | |
| Founded | 2011 | |
| Product | stainless steel magnetic eyeglass holder | |
| Asked For | $150k for 15% equity | |
| Final Deal | $150k for 65% equity | |
| Shark | Lori Greiner | |
| Episode | S3 E6 | |
| Air Date | Feb 24th, 2012 | |
| Business Status | In Business | |
| Website | Visit Website | |
| Headquarters | Lewisville, Texas, United States | |
| Annual (Revenue) | $5M *estimated | |
| Worth / Valuation | $1 Million | |
| Buy and Watch | Buy Now | Amazon Prime |
Business Pitch Episode Recap
Rick asked the Sharks for $150,000 in exchange for 15% equity in his company. He explained his product and shared that during the market test period, he sold 100,000 units worth $65,000.
However, due to insufficient inventory, he couldn’t fulfill additional orders. He needed the money to set up a manufacturing facility and handle distribution.
The company’s magnetic holders cost a maximum of $2 to make, but they retail for $9.99 to $19.99, which is considered quite expensive.
Rick holds utility patents and trademarks for his product. However, the patent was purchased from the original owner for $5,000. He needs money and connections from the Sharks to help grow sales for his product.
Daymond John is not interested in investing money into the business and increasing his own workload. He is out.
Lori Greiner offered $150,000 for a 65% equity stake in the company, she said Rick to make a quick decision. However, Rick was interested in hearing Mark Cuban’s offer, and Mark Cuban eventually declined to invest.
After a few minutes of consideration, Rick accepted Lori Greiner’s offer of $150,000 for a 65% equity stake in the company.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Mark Cuban | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Lori Greiner | $150k for 65% equity |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | $150k for 65% equity |
ReadeREST Shark Tank Update
After finalizing the deal, Rick set up his manufacturing facility and began producing products in bulk to avoid inventory shortages when appearing on QVC. Despite this preparation, the issue persisted as thousands of magnetic eyeglass holder units sold out quickly.
In the three years following the episode’s air date, which was on February 24, 2012, the company’s sales reached $13 million. As Lori Greiner had promised, she helped Rick Hopper become a millionaire, and this promise came true.
During research on ReadeREST, it was found that the company is now selling reading eyeglasses in addition to its stainless steel magnetic eyeglass holders. As of September 2024, the company’s estimated annual revenue is $5 million.
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