Gunnar Shark Tank Update – Shark Tank Season 9
Gunnar: Joe Croft’s Vision to Combat Digital Eye Strain on Shark Tank
Highlights
- Joe Croft pitched Gunnar on Shark Tank. They were seeking $750,000 for 5% equity.
- Gunnar glasses are made to reduce digital eye strain. This is done by filtering out harmful blue light emitted by electronic devices.
- Despite initial interest from the Sharks, Joe secured a deal with Lori Greiner for a $750,000 loan at 8% interest in exchange for 8% equity.
About Gunnar
| Category | Details |
| Founder | Joe Croft |
| Product Type | Glasses designed to reduce digital eye strain |
| Funding (Pre-Shark Tank) | Self-funded |
| Investment Asked | $750,000 |
| Equity Offered | 5% |
Video
Joe Croft hoped the Sharks had vision when he pitched Gunnar, a line of eyeglasses designed to eliminate digital eye strain, in Shark Tank episode 922.
“Digital Eye Strain (computer vision syndrome) is similar to carpal tunnel syndrome and other repetitive motion injuries you might get at work. It happens because your eyes follow the same path over and over. And it can get worse the longer you continue the movement.”
Gunnar glasses help reduce digital eye strain by drastically reducing the blue light spectrum emitted by electronic devices.
Blue light comes from your screens like computers and phones. It’s the bad kind of light for your eyes. It can hurt the back of your eye (retina), cause blurry vision later on (cataracts), and mess up your sleep. Lots of studies show blue light is bad. Gunnar wants to tell people about this and also sell glasses that can help protect your eyes from it.
Would a Shark see the wisdom of this investment?
Gunnar Pitch
Joe entered the Shark Tank seeking $750,000 for 5% of his business. He presented a visual, video pitch: a man seated at a computer screen gets sandblasted in the eyes and punched by his computer. He’s then fried by a bright light, followed by a giant crate — a la Wile E. Coyote — falling on him. Joe finished his pitch, then handed out samples to the Sharks, who all put them on and tested them with their phones.
2016 sales were $6.5 million; 2017 sales are projected at $7.5 million. They operate on 60% margins, and each pair of glasses sells for $60–$80. They only made $500,000 in profits in 2016 because they were plowing their profits into marketing and sponsoring eSports.
The eSports sponsorships are helping their entry into gaming eyewear. They have a patent and intellectual property, which they have successfully defended in court on numerous occasions.
Joe revealed he owns 20% of the company.
The rest is spread out amongst other investors who’ve contributed $9 million in investment capital. They also have about $1.2 million in debt. Joe is looking for the $750,000 to do some more marketing.
Read more posts about Glasses Reduce Digital Eye Strain on the Shark Tank Blog.
What Makes Gunnar Unique?
The glasses have a patented amber lens that filters out the harmful blue light. They’re available with prescription and non-prescription lenses. People who spend a lot of time in front of a computer can feel immediate benefits from reducing digital eye strain with Gunnar glasses. Children, who are more vulnerable to the harmful effects of blue light, should wear the glasses while gaming, too.
A pair of Gunnars will set you back anywhere from $45 to $90 – more for prescription lenses. The company accepts most major vision plans. They sell “regular” sun glasses, too. They’ve been in business since 2006 and have solid sales, so they may want a Shark to fuel growth.
Did Gunnar Get a Deal on Shark Tank?
Barbara said that when someone owns only 20% of the company, he’s not an entrepreneur, but an employee with an incentive; she was the first Shark out.
Robert said none of his employees had ever asked for these types of glasses, and the $9 million in investments scared him; he was out.
Mark thought Joe wasn’t sure how to get to the next level; he bowed out as well. Rohan said his gut was telling him not to do the deal; he opted out.
Lori offered $375,000 as an investment and $375,000 as a loan at 8% interest for 8% equity.
After some back and forth, they agreed to a $750,000 loan at 8% interest in exchange for 8% equity.
What Happened to Gunnar After Shark Tank?
Apparently, the other investors didn’t like this deal because it never closed. The company continues to sponsor eSports events and frequently announces new products and partnerships on its press release page. As of February, 2023, the company is still in business and has annual revenue north of $8 million.
Where Can You Buy It?
You can buy Gunnar glasses in a few different places. You can go to their own website, or you can find them on websites like Amazon. Some stores that sell electronics or regular glasses might also carry Gunnar glasses.
They have lots of different looks, and you can even get them with or without a prescription. If you need prescription lenses, they usually take most regular vision insurance.
Plus, Gunnar often posts about new stuff and sales on their Facebook and Twitter pages, so it’s easy to see what’s new and buy them right from there.
Quick Summary
- Entrepreneur Joe Croft pitched Gunnar on Shark Tank Season 9 Episode 22.
- Gunnar glasses are designed to reduce digital eye strain.
- Joe secured a deal with Lori Greiner.
FAQs
What happened to Gunnar after Shark Tank?
Even though the deal they made on the Shark Tank show didn’t actually happen. This was because the people who already owned part of the company didn’t agree. Gunnar still did really well after the show. By 2023, they were making around $8 million in sales. Gunnar also started selling more kinds of glasses, like ones called “Work-Play” that can also turn into sunglasses when you go outside.
Who is the owner of Gunnara glasses?
Gunnar Optiks was co-founded in 2007 by Joe Croft and Jennifer Michelsen. Latest information tells that Joe Croft serves as the CEO of the company now.
Can you wear GUNNAR glasses outside?
Yes, Gunnar glasses can be worn outdoors. The company offers lenses like the “Work-Play” series that transition to sunglasses. It is specially made for providing protection against both blue light and UV rays.
See what else is new! View other businesses featured in this episode.
