ReadeREST is a patented magnetic eyeglass holder that keeps eyeglasses or sunglasses secure and easily accessible. It consists of a small rectangular metal plate with a strong magnet and a clip that attaches to clothing, such as a shirt or jacket.
The metal plate attaches to the eyeglass frame and is held by the magnet, allowing the glasses to hang securely when not in use.
ReadeREST is a useful accessory for people who frequently wear eyeglasses and want a convenient way to keep them close by and easily accessible.
What Is ReadeREST?
ReadeREST is a small magnetic eyeglass holder designed to secure your eyeglasses or sunglasses when you’re not wearing them. It is a simple yet innovative product that aims to prevent your glasses from getting lost, damaged, or misplaced.
The ReadeREST consists of a stainless steel clip and a strong magnetic backing. To use ReadeREST, you simply attach the magnetic support to the inside of your clothing, like on a shirt, jacket, or blouse, and then attach the stainless steel clip to the outside.
The strong magnet holds the clip in place, allowing you to hang your glasses on the hook when not used securely. This way, you always have a convenient and safe spot for your glasses, reducing the chances of them being misplaced or damaged.
|Product / Business||Eyeglass clip with magnetic attachment|
|Investment Asking For||$150,000 for a 15% stake in ReadeREST|
|Final Deal||$150,000 for a 15% stake in ReadeREST|
|Episode||Season 3, Episode 5|
|Business Status||In Business|
Who Is the Founder Of ReadeREST?
The founder of ReadeREST is Rick Hopper, a former teacher, and coach from Texas. He came up with the idea for the magnetic eyeglass holder after becoming frustrated with constantly misplacing his reading glasses.
Hopper developed a prototype of ReadeREST and began selling it at local craft fairs and online. He eventually quit his teaching job to focus on ReadeREST full-time and grew the business into a successful company.
Hopper appeared on Shark Tank in 2012 to pitch his product and secure an investment from one of the Sharks.
ReadeREST Before Shark Tank
Before appearing on Shark Tank, ReadeREST was a small startup company founded by Rick Hopper, a former teacher, and coach from Texas. Hopper came up with the idea for ReadeREST after becoming frustrated with constantly misplacing his reading glasses.
He developed a prototype of the magnetic eyeglass holder and sold it at local craft fairs and online. The product gained popularity through word of mouth and positive customer reviews.
Hopper eventually quit his teaching job to focus on ReadeREST full-time and started manufacturing the product in larger quantities.
Despite initial success, Hopper knew he needed a boost to take ReadeREST to the next level, leading him to audition for Shark Tank.
How Was the Shark Tank Pitch Of ReadeREST?
ReadeREST made its pitch on the popular American television show Shark Tank in 2012, during the show’s third season. The show features entrepreneurs pitching their business ideas to a panel of wealthy investors, known as “sharks,” hoping to secure investments and partnerships.
The founder and inventor of ReadeREST, Rick Hopper, made a memorable entrance on the show. Initially, he pretended to be clumsy and accident-prone, dropping his glasses multiple times as he approached the sharks. This tactic emphasized the common problem of losing or damaging eyeglasses.
Rick then introduced ReadeREST as a simple yet effective solution to the problem. He explained how the magnetic eyeglass holder worked and demonstrated its ease of use. He sought a $150,000 investment for a 15% stake in his company.
The product’s simplicity impressed the sharks, and several showed interest. Lori Greiner, known as the “Queen of QVC” for her expertise in consumer products, saw the potential in ReadeREST and believed it would do well on her QVC platform.
She made an offer of $150,000 for a 65% stake in the company, significantly higher than the 15% initially offered by Rick. Rick took a while to think and eventually accepted Lori’s deal of $$150,000 for a 65% stake in ReadeREST.
Final Deal: Rick Hopper walked out of the Shark Tank stage with a deal from Lori Greiner of a $150,000 investment for a 65% stake in ReadeREST.
The partnership with Lori Greiner helped ReadeREST gain wider exposure, and the product has since been quite successful, selling millions of units and becoming a popular eyeglass accessory.
What Happened To ReadeREST After Shark Tank?
After securing a deal with Lori Greiner on Shark Tank, ReadeREST experienced significant growth and success. Lori’s marketing expertise and extensive connections in the retail industry, particularly her presence on QVC, played a crucial role in expanding ReadeREST’s reach.
ReadeREST’s sales skyrocketed, with millions of units sold after the show’s airing. The product became a popular eyeglass accessory, catering to a wide range of consumers.
The exposure on Shark Tank, combined with Lori’s marketing prowess, helped ReadeREST become a household name in the world of eyeglass accessories.
The company has since expanded its product line, offering variations of the original ReadeREST design, such as those with Swarovski crystals or in different colors. The brand has also extended its reach to various retail outlets and online platforms, making the product more accessible to consumers.
ReadeREST’s appearance on Shark Tank and partnership with Lori Greiner significantly boosted its growth and success, transforming it into a well-known brand in the eyeglass accessory market.
ReadeREST Shark Tank Update
ReadeREST experienced a significant increase in sales and popularity after appearing on Shark Tank. During the show, Rick Hopper received a $150,000 investment from Lori Greiner in exchange for a 65% stake in the company.
With Greiner’s help, ReadeREST expanded its product line and distribution channels, and its revenue increased substantially.
After Shark Tank, ReadeREST was featured on several TV shows and in numerous publications, including Good Morning America, The View, and Forbes magazine.
The company also expanded its product line to include different sizes, colors, and designs of magnetic eyeglass holders. ReadeREST is now sold in various retail stores and online on the company’s website and Amazon.
Overall, appearing on Shark Tank was a game-changer for ReadeREST, helping the company to gain exposure and secure the funding needed to grow and succeed.
Is ReadeREST Still In Business?
Yes, ReadeREST is still in business. The company has continued to grow and expand since appearing on Shark Tank in 2012. ReadeREST’s magnetic eyeglass holders are still being sold in various retail stores and online, including on the company’s website and Amazon.
The company has also expanded its product line to include different sizes, colors, and designs of magnetic eyeglass holders and other accessories, such as badge and phone holders.
ReadeREST has become a well-known brand in the eyewear accessory market and is still actively operating and selling its products.
What Is the Net Worth of ReadeREST?
The valuation of ReadeREST was $1 million when it appeared on Shark Tank. The net worth of ReadeREST is a little above $10 million as of 2023.