Photo: Tumblr via Birchbox
Two sources involved in the financing and one additional industry source say that Warby Parker is raising a massive round. We’re hearing the valuation is ~ $100-120 million.When we asked an involved source about the range they replied, “You’re on the right track.”
All three sources also indicated that Tiger Global could be leading the round. We’ve also heard that Series A investor Thrive Capital will be participating.
Warby Parker is a prescription glasses online discount retailer. It was founded last year by David Gilboa, Neil Blumenthal, Andrew Hunt and Jeffrey Raider.
There are other online glasses retailers, but investors’ excitement for New York-based Warby Parker seems to stem from its early traction and the big industry it disrupts. “It’s an overnight sensation which is very attractive,” says one source. “It came out of the gate fast and hard and solves a real problem. No one has been able to cut Luxottica [the force behind LensCrafters and Sunglass Hut] out of the market yet.”
While margins for online retailers aren’t huge, glasses are something that are purchased almost annually; the product inherently encourages repeat customers. One of the sources estimates that Warby Parker has already sold more than 100,000 pairs of glasses in the last year.
We reached out to one of the founders for comment and are touching base with him early next week. We’ll keep you posted, but it sounds like another big win in the making for New York tech.
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