Gunnar Optiks Update | Shark Tank Season 9

Spending long hours staring at digital screens causes’ digital eye strain, similar to repetitive stress injuries. This strain can lead to eye damage and sleep disorders. Joe Croft founded Gunnar Optiks to address this problem by filtering out harmful blue light emitted by electronic devices, aiming to improve eye health and comfort for users. Let’s see if he was successful with his objective in our Gunnar Optiks update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Gunnar Optiks after Shark Tank.

Joe Croft pitched Gunnar Optiks on Shark Tank, seeking a $750,000 investment for a 5% equity. He ultimately secured a loan deal with Lori Greiner for $750,000 at 5% equity.

In terms of a Gunnar Optiks update, the company remains a successful business and has become a leading brand for gamers and has grown to around $8 million in annual revenue.

Shark	Result
Lori Greiner	Accepted $750,000 loan for 5% equity
Mark Cuban	No offer
Rohan Oza	No offer
Robert Herjavec	No offer
Barbara Corcoran	No offer

Shark Tank Gunnar Optiks Pitch

• Entrepreneur: Joe Croft
• Business: Glasses that protect against blue light
• Ask: $750,000 for 5% equity
• Result: $750,000 loan for 5% equity
• Shark: Lori Greiner

With a creative approach, Joe kicked off his Gunnar Optiks pitch with a video. The video portrayed a man suffering a series of exaggerated misfortunes while using a computer, highlighting the discomfort of the eyes caused by long hours of exposure to screens. 

The sharks were then invited to try out Gunnar glasses firsthand, receiving samples to test with their own devices.  

Joe explains to the sharks that his product addresses the growing issue of digital eye strain, a condition experienced by many who spend extended hours in front of screens. 

Their innovative solution lies in patented amber lenses that filter out blue light, a specific light wavelength believed to contribute to eye fatigue and discomfort. 

Gunnar caters to both those with and without prescriptions, offering a wider range of accessibility. The benefits can be felt immediately, particularly for those who use computers extensively.  

Even children, who are more susceptible to the effects of blue light, can benefit from Gunnar glasses while gaming.  

In terms of pricing, Gunnar glasses range from $45 to $90, with an additional cost for prescription lenses. Fortunately, the company accepts most major vision insurance plans.  

They also offer a line of traditional sunglasses alongside their core product. Gunnar Optiks boasts a strong track record since its founding in 2008, with consistent sales. 

Joe revaled to the sharks that he is seeking their investment money to accelerate his business growth trajectory. 

Joe revealed that Gunnar Optiks is healthy and growing, reaching $6.5 million in sales in 2016 and projecting $7.5 million for 2017.

Even better, they have a strong profit margin of 60%, and glasses retail for $80-$90.

Despite this, in 2016 the company’s profit was only $500,000. 

This is because they strategically reinvested a significant portion of their earnings into marketing and eSports sponsorships. 

Their sponsorships in the eSports world have effectively opened doors for them in the gaming eyewear market. Additionally, they have a patented technology that has been repeatedly upheld in court, solidifying their position in this space.  

Joe reveals that he currently owns 20% of the company, with the remaining 80% divided amongst other investors. These investors have contributed a total of $9 million in capital. 

The company also has $1.2 million in debt. Joe is seeking an additional $750,000 to be allocated towards marketing initiatives. 

Barbara Corcoran raises concerns that Joe’s 20% ownership stake suggests he sees himself more as an employee with a bonus than someone fully committed to the company’s success. For this reason, she is out. 

Robert Herjavec hasn’t encountered a demand for this product within his own businesses. Additionally, the high investment request of $9 million makes him hesitant to invest. He’s out. 

Mark Cuban questions whether Joe has a clear strategy for future growth and chooses not to invest. 

Guest shark Rohan Oza expresses reservations about the deal based on his instincts and decides to pass on the deal. 

Lori Greiner, the only remaining shark, proposed a dual approach. She offered to invest $375,000 directly in the company in exchange for 8% equity. 

Additionally, she was willing to lend the company $375,000 at an 8% annual interest rate. 

After negotiation, they reached a revised agreement where Lori would provide a single loan of $750,000 at 8% interest, still for an 8% ownership stake in the company.

Now that Joe has accepted Lori’s loan deal let’s review our Gunnar Optiks update to see how it turned out.     

Shark Tank Gunnar Update 

While the terms Lori Greiner offered Joe were not ultimately accepted by the company’s full investor group, Gunnar Optiks has continued to thrive. 

Despite this, our Gunnar Optiks update research found that the company has become one of the leading brands for gamers looking to reduce eye strain. 

Reviews for Gunnar Optiks’s eyewear products are quite positive, and the company has consistently increased revenue since appearing on Shark Tank in Season 9. 

As evidenced by their press releases, our Gunnar Optiks update found that they remain active sponsors within the eSports community and consistently introduce new products and partnerships. 

As of February 2023, the company is demonstrably successful, boasting annual revenue exceeding $8 million. 

Things are looking bright, and we are certain our next Gunnar Optiks update will be a good one!

You can find the other company updates from Season 9 Episode 22 here:

• Avocaderia Update
• Solsource Update
• Sunniva Super Coffee Update

Before you go, be sure to check out our Shark Tank Season 9 page for more company updates.