Gunnar Optiks is a company that has managed to design a product that reduces eye strain from looking at computer screens and phone screens all day. The company is seeking $750,000 as an investment in exchange for 5% equity. Joe Croft came out to represent the brand on
Shark Tank Gunnar Optiks Update
- Entrepreneurs: Joe Croft
- Business: Eyewear
- Ask: $750,000 for 5% equity
- Result: $750,000 loan for 5% equity
- Sharks: Lori Greiner
Joe Croft told the sharks that Gunnar Optiks glasses are designed to block about 60% of the blue light that comes from digital screens. These types of screens can include smartphone screens, tablets, or even computer monitors.
Enhance performance and protect your eyes with help from GUNNAR's patented lens technology, engineered to reduce the symptoms of digital and block harmful blue light. Founded in 2006, GUNNAR is the pioneer of blue light glasses and #1 in gaming, which means your eyes couldn't be in safer hands. With a wide range of design styles, blue light lens tint options and focusing powers, GUNNAR has glasses for everyone including computer users, gamers, kids and teens and people that need readers.
It was time for the sharks to uncover whether Gunnar Optiks was truly worth the valuation that Joe claims. The sharks wanted to know the company’s sales in the previous calendar year. Joe told them that his company had generated more than $6 million in gross revenue. The current year’s projections were about $7.5 million with a gross margin of 60%.
After hearing about the company’s $1.2 million in debt, Barbara Corcoran decided to drop out without making an offer. Robert Herjavec also decided to drop out because he didn’t believe the product was solving an important problem.
Mark Cuban and guest shark, Rohan Oza decided to drop out as well. However, Lori Greiner was still considering her options about potentially making an investment. Lori offered $750,000 in exchange for 5% equity, but all of the money would be a line of credit.
Joe Croft accepted Lori’s loan of $750,000 in exchange for 5% equity. Now let’s take a look at our Gunnar Optiks update.
Gunnar Optiks has managed to become one of the leading brand products for gamers that are looking to reduce eye strain. Reviews for the eyewear products that Gunnar Optiks produces are quite positive and the company has boosted revenues slightly since appearing on
With Lori Greiner on Joe’s team, 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:
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