ReadeRest Glasses Holder | Shark Tank Season 3

Entrepreneur Rick Hopper pitched his glasses magnet holder during Shark Tank Season 3. ReadeRest is his solution to people losing their glasses. Will the sharks get behind his magnetic glasses holder, and focus in on a deal? Find out in our ReadeRest update.

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

Rick Hopper appeared on Shark Tank Season 3, and made a deal with Lori Greiner for $150,000, and 65% equity of his company. In terms of a ReadeRest update, the company is still in business. Latest reports on revenue estimate that ReadeRest makes around $5 million in sales, each year.

Shark: Result:
Lori Greiner  Accepted deal for $150,000 for 65% equity
Mark Cuban  No offer
Daymond John  No offer
Kevin O’Leary  No offer
Robert Herjavec  No offer

Shark Tank ReadeRest Specsecure Update

ReadeRest update

  • Entrepreneur: Rick Hopper
  • Business: Magnet for glasses
  • Ask: $150,000 for 15% equity
  • Result: $150,000 for 65% equity
  • Shark: Lori Greiner

Rick entered the tank and delivered an entertaining presentation, demonstrating how the ReadeRest worked. He pointed out that hanging your reading glasses in your shirt collar, oftentimes leads to your glasses falling in the toilet. 

Readerest Stainless Magnetic Eyeglass Holder - ID Badge Accessory in Stainless Steel and Gunmetal Black- Ideal for Daily Wear, Holds Glasses Safely - Easy-to-Use and Strong Neodymium Magnets - 2-Pack
  • Glasses Holder - No more dropping, scratching or misplacing your eyeglasses. The eyeglass holder can protect your valuable spectacles. Don't let broken readers ruin your day.


We earn a commission if you make a purchase, at no additional cost to you.

Likewise, most people don’t want to hang them from a chain around their neck either.

His solution is the ReadeRest, which he developed using strong magnets. You basically place one magnet inside your shirt, then the front magnetic bar, goes on the outside for hanging your glasses.

He shows how durable the product is, and how no matter what your activity is, the glasses will stay in place.

Kevin O’Leary was interested in the sales based on the valuation. Rick said he’d done sales generating $65,000 during a market test, but he was going through inventory too quickly and had to go back to production during the previous few months.

Robert Herjavec asked if Rick made the ReadeRest himself, and he said he did and that he’d hand-glued over 100,000 magnets. Lori Greiner was surprised that they weren’t made in a factory.

Kevin asked how much Rick sold them for and was told they retailed between $9.99 and $19.99. The sharks thought that was expensive, but Rick told them the magnets were expensive to manufacture.

He also said he owned the patent after securing it for $5,000. 

Daymond eventually went out, and Lori said maybe Rick wasn’t a salesman or good at marketing. Despite this, she made an offer of $150,000 for 65% equity.

Additionally, she assured Rick that she would put the product on TV, because it was a winner when in the right hands.

Lori reiterated that she could get it on TV and on infomercials. Besides, this was the only offer on the table at that time.

Rick countered for 49% of the company, because he was wary of giving up so much of the business.

At this point in the pitch, Robert didn’t really see the value of the product, so he inevitably went out, followed by Kevin. Mark Cuban said he was processing, but Lori said she wanted an answer from Rick before Mark would say anything.

Rick wanted to hear what Mark had to say, however Mark went out based on better options being on the table. 

Lori said this was her final offer, and that she would bring him money. Rick finally agreed, and they had a deal of $150,000 for 65% equity.

What do you think happened following Shark Tank? Keep reading our ReadeRest update to find out. 

Our ReadeRest update reveals that the partnership between Lori and Rick was a huge triumph. The product was featured on QVC and immediately sold out.

By the end of 2012, they had $6 million in sales. The company is still a hit today, making around $5 million in annual revenue.

You can find their offerings on the ReadeRest website, and also on Amazon. The company also now sells readers.

ReadeRest has gone on to also be featured by Forbes, and Good Morning America.

If we learn anything new about the company, we will certainly let you know. In the meantime, you can check out our other company updates from Season 3 Episode 6.

Follow the links below to find out all about them!

For even more on companies and products, be sure to stop by our Season 3 Products Page!

 

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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!