The best things indeed come in small sizes. This statement holds in the case of Rick Hopper’s product ReadeREST. Yes, we are talking about the tiny magnetic eyeglass clip that appeared in season 3 of Shark Tank.
For those who didn’t watch the episode, Rick Hopper, the founder of ReadeREST secured a deal with investor Lori Greiner. The current net worth of the company is around $4 million.
About Rick Hopper
Rick Hopper is the man behind ReadeREST. He hails from Anaheim, California. He later moved to Fullerton. Like other kids, Hopper didn’t have the luck to go to school. However, he enjoyed tinkering with various things in his home. One of his first inventions was a windsail that he designed to slow his skateboard when going downhill.
He secured his first job as a pro sales trainer and department supervisor at Home Depot. Around that time, he also worked as a carpenter to make some additional money.
In 2001, he quit his job at Home Depot to set up his own business. His first company was TrimQuick which provided vinyl trim for window companies. The company turned out to be a profitable one.
After TrimQuick’s success, Hopper wanted to build another business. Due to his poor eyesight, he needed glasses to read. But every time he placed them in his collar, they would fall. This is what led him to invent ReadeREST.
Hopper bent a paperclip in a certain shape and attached a magnet to it. This prevented his glasses from falling off. Everywhere he went, people were impressed with his invention.
Hopper soon realized that there was a good demand for his invention. So he decided to invest his money to build a tiny magnetic eyeglass holder. He officially launched the company in 2011.
What exactly ReadeREST is?
ReadeREST is a magnetic glass holder. It attaches to your clothing and prevents your glasses from falling off. One side of the clip is attached to the outside of the shirt and the other side is on the inside.
It serves as a magnetized hook for glasses when you are not using them. It is small and convenient to carry.
Did ReadeREST get through Shark Tank?
Rick Hopper appeared on season 3 of Shark Tank with a deal of 15% equity in exchange for $150,000. His excellent pitch left the Sharks impressed as they could relate to the problem themselves.
However, the Sharks stepped back from the deal after knowing that Hopper acquired the patent from the original owner. Despite that Lori Greiner offered him a counter deal and Hopper happily accepted it.
After Lori promoted the product on QVC, it got sold out in minutes. To expand the business, Hopper decided to outsource the production.
At present, the product is available at Bed Bath & Beyond, Walmart, and Ace Hardware. It can also be found on Amazon where it has received a 4.6-star rating out of 5.
As per sources, the estimated net worth of the company is around $4 million. After striking a deal with Lori, the company generated a revenue of $1.4 million.
1. How much money has ReadeREST made?
If you are a Shark Tank fanatic, you likely know about ReadeREST and the fact that they are one of the biggest brands on the show. According to the reports on the Shark Tank blog, the company brings around $5 million annually. The exact amount isn’t known at this point.
2. How much has ReadeREST sold?
According to reports on Amazon, ReadeREST has sold over 3 million units from Amazon until now. Not just that, Amazon has also ranked the product as the #1 selling magnetic eyeglass holder. With how well the brand was received by the audience, it isn’t surprising that the brand has managed to acquire a pretty steep success.
3. Where is ReadeREST available?
Besides their official website, ReadeREST’s product is available at Bed Bath & Beyond, Walmart, and Ace Hardware. The users can also find the product on Amazon, where it has gathered a rating of 4.6 out of 5.
4. How much is ReadeREST worth?
With how good the brand has done after Shark Tank, it isn’t surprising that the brand has managed to secure a net valuation of around $4 million. The deal they did with Lori Greiner also generated around $1.4 million for the brand, which added to their valuation further.
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