What Happened To Gunnar Glasses From Shark Tank Season 9?
"Computer eye strain has become the number one health-related office complaint in the United States," former Oakley General Manager Joe Croft touted at the top of his "Shark Tank" pitch. It was the ideal lead-in to the big reveal of Gunnar Optiks' core product, amber-lensed glasses designed to minimize unpleasant blue light.
Croft started strong, seeking $750,000 for a 5% stake in Gunnar Optiks, impressing the tank with product quality, annual sales, and cost margin. There was no question about the product's efficacy, and it seemed, for the most part, the Sharks understood its purpose. Unfortunately, the more Croft talked, the more the Sharks started to see cracks in the foundation.
Before coming to "Shark Tank," Gunnar Optiks raised $9 million in two large chunks and accrued over $1 million in debt, though remaining profitable. It was a tough company history for the Sharks to swallow, but Croft had something positive to counter for every answer that caused them to wince.
It was a pitch of peaks and valleys, with rapid-fire questions from the Sharks slowly exposing what appeared to be Croft's one true weakness: an unclear vision for the future.
What Happened to Gunnar Optiks on Shark Tank?
After the Sharks got their hands on the sleek frames, Lori Greiner started the conversation by pointing out the blue light-blocking properties, which Croft confirmed, noting that Gunnar's patented lenses block 65% of harmful blue light emitted from digital screens.
Even with what seemed to be a proven formula and revenues ranging from $6.5 to $8 million, both Barbara Corcoran and Robert Herjavec were quick to drop out. For Barbara, it was Croft's small 20% stake in the company that left her feeling uneasy. Robert, who's deeply rooted in tech, didn't see a need for the blue light-blocking lenses.
Croft's confident pitch certainly appealed to some of the Sharks, though, particularly Mark Cuban, who was impressed with Croft's ability to stay alive in the oversaturated eyewear market, and Vitamin Water alumni Rohan Oza, who personally liked Croft and Gunnar's branding. Unfortunately, both ultimately dropped out, Cuban fearing Croft's inability to paint a clear picture for Gunnar's future and Oza seeing no direction for creative branding opportunities.
That left Lori, whose QVC connections appealed to Croft. She offered $375,000 as an investment and a $375,000 loan at 8% for 8% equity. After a tense back and forth, they landed on a $750,000 loan at 8% for 5% of the company.
Gunnar Optiks After Shark Tank
After appearing on "Shark Tank" and securing a deal with Lori, Gunnar Optiks continued to enhance its brand and product. Within a month of the episode airing in February 2018, the company launched its Work-Play lenses, offering a "dual-purpose lifestyle lens" that transitions to sunglasses for outdoor use. By November 2018, it had moved to solidify itself as a brand geared toward gamers with the "Torpedo" frame style. Since then, Gunnar has focused heavily on its gaming clientele, from the reveal of its Amber Max Lens that blocks 98% of blue light to the launch of its teen-friendly line of frames and lenses.
In March 2021, Gunnar announced what appeared to be its first big video game collaboration with the "6-Siege, Ash Edition" gaming glasses for "Tom Clancy's Rainbow Six Siege." It even partnered with St. Jude Children's Hospital, an organization supported annually by gamers via the Play Live campaign, to raise money with a special edition frame.
Gunnar continues to enhance its product line, from offering performance-grade, scratch, and smudge-resistant lenses to working with a variety of insurance providers to provide prescription lenses.
The Future for Gunnar Optiks
I've been closely following Gunnar throughout 2023 and had plenty of hands-on time with some of the company's biggest releases. While Oza had concerns over how Gunnar could elevate its brand, the company's larger focus on the gaming space after Croft's "Shark Tank" appearance proved to be a significant move. It's been five years since the episode aired, and Gunnar hasn't shown any sign of slowing down or minimizing its product line.
Throughout 2023, Gunnar partnered with gaming companies like Activision Blizzard and Ubisoft to entice gamers with "Diablo IV," "World of Warcraft," and "Assassin's Creed: Mirage" glasses. In a quick briefing in November, I saw exciting (and unfortunately embargoed) collaborations that signaled Gunnar found its core markets in nerd culture and video games. There are also new products in the queue that could contribute to 2024 being a very successful year for Gunnar and a very comfortable year for gamers struggling with computer or mobile device eye strain.