Eyewris’ father-son duo strikes deal with every investor
Father-son duo Mark and Kenzo Singer managed to make history on Friday’s episode of Shark Tank, by securing investments from all five of the show’s investors, in exchange for 20% of their company, Eyewris. The Santa Barbara-based company creates foldable reading glasses that convert to a bracelet, inspired by Mark’s father who was the creator of Gorilla Glue. The Singers initially asked for a $25k investment in exchange for 5% of the company, but the Sharks were impressed with the company’s profitability and soon made offers. The eventual deal involves a $125k investment for a 20% equity stake, which all five judges agreed to, marking a first in Shark Tank history.
FAQs
What is Eyewris?
Eyewris is a Santa Barbara-based company that specializes in foldable reading glasses that can also be worn as a bracelet.
What is Shark Tank?
Shark Tank is an entrepreneurship reality show where entrepreneurs pitch their business ideas to a panel of celebrity investors known as “Sharks”.
What was the initial investment deal?
The Singers initially asked for a $25k investment in exchange for 5% of the company.
What was the final investment deal?
All five of the Sharks agreed to invest $125k in exchange for a 20% equity stake in the company, marking a first in Shark Tank history.
Who are the Sharks?
The Sharks are a panel of celebrity investors who judge and invest in business ideas on Shark Tank. The investors include Lori Greiner, Mark Cuban, Kevin O’ Leary, Barbara Corcoran and Daymond John.
Father-son duo of Eyewris secures investment agreement with all investors.
Father-son duo Mark and Kenzo Singer made an unusual achievement on a recent episode of the reality show “Shark Tank” when they managed to gain investment offers from all five investors. Their Santa Barbara-based reading glasses company, Eyewris, garnered a combined $125,000 investment offer from the show’s investors in exchange for a 20% stake in the business. The glasses, which fold up into a bracelet for easy carrying, were inspired by the father’s need for reading glasses, and Kenzo’s engineering background helped make them a reality. Although the Singers initially asked for $25,000 in exchange for 5% of the company, they received the $125,000 offer after revealing that their business was already profitable and that the father wanted to leave his son in good hands. The investors, including Lori Greiner and Kevin O’Leary, engaged in a bidding war, with the group ultimately settling on a 20% stake.